Mobile payment processor Square on Tuesday revealed a new hardware accessory for Apple's iPad: the Square Stand, which turns the popular tablet into a register capable of accepting credit card payments.
The Square Stand is specially designed to fit either the iPad 2 or iPad 3 and has a built-in credit card reader to allow for easy payment processing. Connecting the accessory to an iPad running Square's point-of-sale management apps allows for tracking of sales data and management of inventory and employees.
The new accessory is a more iPad-specific hardware option from Square. The company's popular card swipers are already compatible with the iPad, but the Square Stand leverages the iPad's unique properties to make a more capable point of sale system.
The Square Stand also connects to Square's Business in a Box connected register system, which can generate receipts and store cash as well.
In introducing the device, Square said that 13 businesses with 30 locations will begin using the Stand on Wednesday. Square is also in discussions with Starbucks about putting the Stand into use in the coffee chain's locations.
Square also revealed that it's processing more than $15 billion in payments on an annualized basis. The company's revenues from processing those payments — 2.75 percent for swiped transactions and 3.5 percent + 15 cents for manually-entered transactions — have encouraged investors to continually pump money into Square, with the firm raising $200 million in funding last fall.
The Square Stand is currently available for preorder. It will sell for $299.