San Francisco-based mobile payments specialist Square has announced it is launching its latest product, the Square Stand, specifically aimed at UK small-to-medium-sized businesses (SMEs). The product turns an iPad into a fully-integrated point-of-sale (PoS) system.
Square is expanding fast and in first quarter of 2018, processed $17.8 billion (£13.2 billion) in gross payment volume (GPV).
The company is pursuing ambitious growth in the UK, emphasising in its Q1 results: “Square is growing in communities outside urban centers. More than three-quarters of active Square sellers in the UK are outside London. As more than half of UK bank branches have closed since 1989, people are under-served by the financial system.”
Square One at work. Credit: Square
Square, founded by Twitter CEO Jack Dorsey, only launched in the UK in 2017 with Square Reader and its PoS app.
It is aiming to tackle rival iZettle; best known for introducing the world’s first mobile attachment capable of accepting EMV chip-embedded credit cards and this week acquired by Paypal for $2.2 billion (£1.6 billion) in an all-cash deal
Square has continued its UK expansion with more products and services, including Instant Deposit, Virtual Terminal and Cash App. The company’s Q1 results show the company’s total net revenue grew 45% year over year
Square Stand instantly connects with Square Reader, giving businesses the opportunity to accept card payments, as well as running their businesses through an iPad. Also, the stand can protect your iPad, counter and information through tight security features.
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Jesse Dorogusker, Hardware Lead at Square, said in a press release: “Sellers in the UK have been asking for a full countertop solution for their businesses since we first introduced Square. Investing in the UK is priority for Square, and bringing Stand here is a great way to expand our global support for local businesses.”
The company put Mike Sylvester forward as a case study. He is co-founder of the East London-based Workers Café. Mike said: “Since we got set up with Square last year, card payments have made up around 50 percent of our sales – so getting set up with Stand was a natural next step for us. We’re big fans – it looks great on our counter and makes the Point of Sale app even easier to use for our staff. I’d definitely recommend it.”
Square Stand currently retails at £64.
