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To help merchants manage their business through a single device in a rapidly changing payments landscape, Block Inc. on Monday introduced the next generation of Square Stand, the countertop device that converts an iPad into a point-of-sale system. It is the first redesign of Square Stand since its launch in 2013.
The decision to redesign Square Stand was influenced by several trends in the payments industry, including the decline of magstripe transactions and the rise of EMV/NFC cards, as well as merchant feedback in the United States and abroad as Square entered new markets, Block says.
“As we continue to unveil new tools and solutions for our sellers, we’re committed to ensuring they’re able to meet the evolving needs and expectations of their customers,” a Block spokesperson says by email.
The redesigned Square Stand, which keeps the swivel design of the previous model, integrates tap, chip, and PIN payments, for the first time, which Block says eliminates the need for additional card readers. In 2021, tap, chip, and PIN Payments made up 98% of global cashless hardware transactions on Square’s fully integrated payments devices, the company says.
Block says Square Stand’s combination of hardware and software enables sellers to not only accept in-person payments, but also to manage, from a single device, e-commerce sales, deliveries, and buy online pick-up in-store orders.
In addition, according to Block, the latest version of Square Stand creates a faster checkout process by including an order-summary screen and illuminated payment icons on the face of the device to guide customer transactions and speed up purchases, without the need for a second screen.
“The way businesses and shoppers interact around the world has evolved exponentially in the time since we first launched our original Square Stand,” Alyssa Henry, head of Square says in a prepared statement (the “Square” name designates Block’s products and services for merchants). “The new Stand was built with the future of commerce in mind [and] offers sellers an integrated way to meet the purchasing preferences of today’s consumers.”
Block has been testing the newest version of Square Stand in Canada for several months with merchants including: L’Atelier, an optometry studio and salon based in Toronto; Pilot Coffee Roasters, a multi-location cafe and roastery in Toronto, and Cidrerie et Vergers Pedneault, a cider house and orchard in Isle-aux-Coudres, Québec. L’Atelier, which has a hair salon within the optometry studio, uses the redesigned Square Stand to act as a POS hub for multiple businesses and revenue streams to track sales, appointments, and customer communication.
Block adds that sellers can use Square Stand for their employee-management needs, including time tracking, shift scheduling, and tip management. Additional solutions such as marketing, loyalty, inventory, and omnichannel commerce tools are available.
The latest version of Square Stand starts at $149, compared to $169 for the previous version. The device is compatible with the iPad (2019, 2020, 2021), iPad Air (2019) and iPad Pro 10.5”. Merchants pay a flat rate for every tap or dip transaction and get free access to the Square POS app, Block says. Merchants using the Square Point of Sale app with the Square Stand pay 2.6% plus 10 cents per tapped, dipped, or swiped transactions, according to Square’s Web site.
