Mobile payments startup Square has launched a new iPad application called Register that aims to help merchants ditch traditional cash registers, the company announced early Monday morning.

Square has done a lot in the way of transforming the way small businesses run by making it easy and relatively cheap to process credit cards on iPhone and Android devices. It recently launched its Card Case app, which makes it possible for a customer to get a transaction processed without even pulling out his or her wallet. Now with Register, the company is moving its focus back to merchants to help them modernize point-of-sale devices.

The Register app acts much like a cash register and offers a smarter way to track how payments happened. The app accepts cash and all major credit cards, can track a customer’s purchase history, and even allows for analytics to see which times are the busiest and what days aren’t performing up to snuff. The app also allows for employee permissions, tipping, and smart receipts.

Register will work on all iPads with iOS 5.0 and up, and it can be downloaded now.

Square also announced that the company had reached $4 billion in annual mobile payments. In the fourth quarter of 2011, the company said it was doing $2 billion in mobile payments annually, so it appears to have doubled its payment processing in a single quarter.

Check out a few more screenshots of the Register app below:

You can also view a short video that lays out Register below:

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