MCLEAN, VA – Square announced plans to update its Square
Register mobile payments point-of-sale system, an effort to gain an increased
share of business among smaller, fast-food restaurants, USA Today reports.
With so much money at stake — small QSRs comprise roughly
half of the nation’s 210,000 fast-food restaurants with sales exceeding $188
billion per year — Jack Dorsey, Square’s founder (who also created Twitter)
said he plans to do for fast-food purchases what Twitter did for communications:
simplify it.
The Square Register updates will allow for enhanced
customization, including attaching customer names to orders.
"Twitter has made communication really easy, simple and
free, and Square will do the same for commerce," said Dorsey. Ultimately,
he says, his new point-of-sale system, "has the potential to carry all of
commerce."
Dorsey is targeting small, fast-food operators who don’t
have the capital to invest in more costly technologies. He intends to convince
them that Square will save them money — Square charges 2.75% per credit card
swipe vs. the industry average of 4.36%. Additionally, Square does not require
an expensive POS system.
"There's a tremendous number of fast-food operators
dying to know how to make technology more affordable," said Dennis
Lombardi, executive vice president at WD Partners, a restaurant consulting
firm.
Currently, roughly 3 million businesses (including 7,000
Starbucks stores) in the U.S. and Canada use Square, and Dorsey has plans to
expand way beyond that.
"This will grow just as fast, if not faster, than
Twitter," he projects.