/// Square’s Rabois: Retailers Will Opt for iPads Over Registers Within 18 Months
Square’s COO Keith Rabois is predicting that nearly all retailers will be running their business off an iPad or comparable device in the near future. When pressed for a time frame in a recent interview, Rabois claimed that the transition could take place in as little as 18 months. This would be a very fast pace, given that so many merchants have already invested thousands of dollars in their point of sales 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, at a $3.25 billion valuation, according to a spokeman. The company said that it plans to use the money for more expansion.
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