Square’s COO Rabois believes in a few years business’s will opted for iPads over registers when it comes to conducting transactions. With NFC already available with Android devices and Square available for Ipads does this mean the days of long lines during the holiday season over.
This would be a very fast pace, given that so many merchants have already invested thousands of dollars in their point-of-sale machines — not to mention other hurdles, such as getting employees up to speed on new systems.
Still, Rabois, whose business relies on this happening, is insistent.
“The era of standalone machines is over,” said Rabois, a former executive at PayPal. “Everyone will be migrating to iPads and comparable devices, which will be powered by an app — that is, hopefully, Square.”
We’ll see, but now Square has the money to try to make it so, finally confirming earlier today that it has raised a fourth round of capital. After months of rumors and an announcement last month that Starbucks would be one of its investors, the San Francisco-based payments company said it completed a monster round, totaling $200 million. This now puts it at a $3.25 billion valuation, according to sources. A spokesman would notconfirm that amount.
