Square introduced Business in a Box, a hardware suite that interoperates with its mobile payment software, as an all-in-one point of sale system to replace cash registers at retail stores. Square’s Jesse Dorogusker says the suite includes a pair of credit card readers, a cash drawer, an iPad stand, and an optional receipt printer that are designed to make cash handling easier for merchants.
“Cash is not dead—people need a cash drawer to run their business,” Dorogusker says. Square reports that more than 3 million merchants used its card reader to process $10 billion in payments on an annualized basis in January. More larger businesses also have enrolled in Square’s services over the past six months, with revenue from merchants with multiple accounts climbing by a factor of seven, according to Dorogusker. Meanwhile, Juniper Research predicts that the market for mobile payments for physical products may surpass $170 billion in transactions by 2015, versus approximately $60 billion in 2011.Back To Blog