Square (and Twitter) chief Jack Dorsey said its new product was custom-built for larger clients who feel that the Stand -- its point-of-sale system that turns an iPad into a cash register -- is too consumer-focused. Larger businesses have apparently been requesting a more professional system with a second screen where customers can see their orders.

Since this device caters specifically to larger customers, Square won't be retiring any of its older products anytime soon. Dorsey said Register was never meant to replace them, only to serve as an option for those who need it. "We can't be a service that says, 'Oh, you're too big for us,'" he explained.

The full-fledged point-of-sale system will set businesses back $999 or $49 per month for two years. While that's over thrice the price of a Stand, it already comes with everything it needs to work and doesn't need a separate iPad or phone anymore.