(Bloomberg) — Block Inc., the payments company formerly known as Square, is nearing the launch of a new iPad-based stand, refining a piece of equipment that’s become a common sight at coffee shops and retail stores.
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A color image of a third-generation Square Stand, which lets merchants accept payments, was found this week hidden inside of the company’s point-of-sale app by developer Steve Moser and shared with Bloomberg. The stand, first reported by Bloomberg last year, is a major upgrade to the current model as it integrates both the physical credit-card reader and a tap-to-pay reader into the device for the first time.
By integrating the credit-card readers into the stand itself, the technology will simplify the process for merchants because they won’t be required to attach an external credit-card reader.
A release date for the new stand couldn’t be learned, but the presence of an actual image of the device implies that a launch may be nearing. A Block spokeswoman didn’t respond to requests for comment.
Square’s stand currently costs $169 and is one of the company’s highest-profile products. Whenever consumers swipe, dip or tap their cards at checkout, Square gets a commission representing 2.6% of a transaction’s price, plus 10 cents.
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