May 24, 2011 15:24 GMT  ·  By

Square is aiming to revolutionize everyday transactions between buyers and sellers with the introduction of an updated iOS application that turns any iDevice into a complete point-of-sale solution.

Square is a two-piece solution (three, if you’re counting the iOS device itself) comprised of a hardware part that goes into the iPhone’s or iPad’s headphone jack and, of course, the software application designed to interpret the swipe of a Visa, MasterCard, American Express, or Discover credit card.

But that's hardly all it does now at version 2.0. Its developers have a announced a brand new interface used to carry out the transactions, as well as additional features.

“Cash registers and credit card terminals are relics of an expensive, complicated, and impersonal commercial transaction system,” said Jack Dorsey, CEO of Square.

“With Register and Card Case, we’re transforming everyday transactions between buyers and sellers into something special,” said Dorsey.

Now a universal app across all iDevices, Square Register for iPad streamlines checkout, tracks sales, and makes it easy for businesses to communicate with customers.

Users can set up your products on virtual shelves, add graphics, write a description, as well as set up and display variations for a certain product. The official changelog follows below.

What's New in Version 2.0

- iPad: Arrange your items into shelves, for easier browsing and faster checkout. - iPad: Small, medium, large; chocolate, vanilla, strawberry – create variations of your items. - iPhone: Refined look and feel. - Minor bug fixes.

The Square CEO added: “We revolutionized the payment industry with the Square card reader which makes it possible for anyone to accept credit cards on their phone.”

“Now, with Square Register, we’re reinventing point of sale with a beautiful, intuitive iPad app. Card Case goes beyond point of sale to transform the entire buyer-seller relationship,” the CEO said.

Square is compatible with iPhone, iPod touch, and iPad and requires iOS 4.0 or later. The app is a free download from Apple’s App Store in the Finance category.

Download Square app for iOS (Free)

Square recently also introduced a new product called Card Case, which enables iPhone users to explore local businesses, view menus, track and store digital receipts, as well as open digital tabs to make purchases on the go. The solution is also available on Android smartphones.