A former Google executive who spent time developing payment products for the search giant as well as for PayPal has launched his own smart payment terminal device company, Poynt.

Spurred by the transition to EMV cards in the United States — merchants will have to pay a fine if they don’t use EMV-supporting termins by October 2015 — Osama Bedier is targeting the 16 million terminals that will have to be replaced in the next year. He is marketing the Poynt Smart Terminal at a price tag of $299, according to Forbes.

The terminal will have a 7-inch merchant-facing screen and a 4.3-inch customer-facing screen, which will allow the customer to use the payment terminal on his or her own. The terminal also comes with a printer, barcode scanner, Ethernet port, USB extension, wireless abilities, a barcode scanner, and connectivity for 3G and 4G networks.

The terminal also makes it possible for merchants to set up a rewards system for repeat customers.

The terminal will have a battery life of eight hours, and will be portable so that it can be moved around between docking stations.

The Poynt Smart Terminal will have security features to protect sensitive payment data.

The company is based in Palo Alto, Calif., and the interface itself uses an Android-based tablet. Google Ventures, Matrix Partners, Nyca Partners, and Webb Investment Network have invested in the endeavor.

Bedier said the market is ripe for such a product because while consumers walk around with smartphones, merchants rely on what he called a “glorified calculator.” He hopes the Poynt Smart Terminal will allow the technology on both ends to match up.

Poynt has reached out to banking companies in an attempt to become the preferred payment terminal option, and the company has secured deals with two of the top five U.S. banks.

Merchants can also use Poynt to check out reviews of their stores on Yelp, create customer profiles, and organize staff scheduling. The software updates automatically as it is connected to the Internet.