Mobile payment company Square released a new iPad app on Monday, which allows brick-and-mortar merchants to trade in their cash registers for iPads. The easy-to-manage app, which is compatible with iPads running on iOS 5, allows small businesses to set up a one-stop shop via their mobile device.
The app and plastic card reader, which plugs straight into the iPad headphone jack, allows customers to make both cash and credit card payments.
“I truly believe POS [point-of-sale-devices], as you know it today, is dead,” said Megan Quinn, director of products at the San Francisco-based company, according to USA Today. “This will bring Square to an entirely new, small-market audience (bricks-and-mortar stores).”
Small merchants can create a library of the items they sell, assign a photo and price to each item, as well as create a favorites page for popular products, according to Square. Also, users can see transaction details in real-time, view detailed analytics and keep track of sales. Sales reports and sensitive data don’t have to be accessible to all employees, merchants can regulate employee permissions as they see fit.
Customers who pay via credit can sign the receipt with their finger to validate the purchase. Merchants can text, email or print the customer’s receipt.
Watch the video below for more details:
The app and card reader are both free, but Square charges merchants a rate of 2.75% for every American Express, Discover, MasterCard, or Visa transaction.
Square was founded by Twitter co-founder Jack Dorsey.