SAN FRANCISCO (TheStreet) -- Square, the company that helped bring the mobile payment and digital wallet industry to the forefront of consumers minds, is at it again. This time, the company is taking a slightly more traditional approach to payments, but in a whole new way.
Square Stand, which the company announced earlier this week, is poised to disrupt the traditional point-of-sale (POS) hardware and software that merchants use. Small and medium-sized businesses that use Square to process their payments either used an Apple (AAPL) iPhone or iPad married with a hap-hazard piece of hardware to hold it down, in a custom solution. Stand marries the holder to the iPad, but does much more.
Square Stand, which retails for $299 and will be available at Best Buy (BBY), Square's Web site, and other yet-to-be-announced retailers, combines all the software and hardware accessories a business would need, including a receipt printer, kitchen printer, cash drawer and a scanner.
I recently sat down with Jesse Dorogusker, who helped develop Stand, at Square's headquarters, to discuss the product and its impact on businesses and consumers alike.Chris Ciaccia: Tell me a little about Square Stand and where you see it. Jesse Dorogusker: The evolution of the register software product including most recently just a few weeks ago for quick-serve restaurants, including items on fire and enhanced ticket printing, really focuses on those kinds of items. Then a few days ago, we followed that up with Square Stand. Again, the hardware plus the software coming together to make a whole solution. When businesses are running their business, they don't say "Well I need some hardware and I need some software." They kinda say "I need something that looks like this [points to Stand] and I don't really care about the low level detail. But we know, that the hardware plus the software is the best thing for them.
Ciaccia: It's priced at $299. That seems a little aggressive. Is Square making any money on this, or is just kind of a piece of hardware to get people to use Square software? This question was followed by a demonstration of Square Stand and how it works.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV