Square Inc. saw a payment volume of $17.4 billion in the third quarter this year, almost a 32% year-over-year increase.

But, according to CEO Jack Dorsey, the company’s two greatest accomplishments this quarter are its point-of-sale Square Terminal and its Reader SDK, an external developer tool that allows customers to connect to Square’s hardware.

During the company’s 3Q earnings call yesterday, Dorsey described the terminal as an end-to-end hardware, software, and operating system combined in one device.

“It ties completely back to our cohesive ecosystem of seller tools,” he said. “So it is an acquisition channel for us into that broader ecosystem which ultimately will help better retain customers as they continue to hire us for more and more things, like payroll, Square Capital, customer relationship management, and whatnot.”

Dorsey expects that the Square Terminal will give the company a huge competitive advantage over peers and will allow them to rapidly gain a large part of the POS market globally.

On this topic he said:

So, if you look at the market, we believe that this is huge. You see these black rectangular boxes; they’re dinosaurs, like stegosauruses, everywhere in the world, not just within the United States, but everywhere around the world. And people have become accustomed to this form factor. One of the things that we hear from our sellers directly is they don’t want to use their personal device to accept credit cards. And this gives them an option to make sure that they don’t have to compromise on that. They can pick up a Square Terminal and use it for whatever they need. And one of the most exciting things to us about the launch of Terminal is that we fully expect them to surprise us with how they use it and where they use it.

Square CFO Sarah Friar added:

We see about two million standalone payment terminals in the U.S. alone. I think one place that folks often underestimate Square though is by just looking at current market then imagining the share we could take from that.

The second notable accomplishment highlighted by Dorsey is the Reader SDK, which Square launched at the beginning of this quarter. One of the most important functions of it, according to Dorsey, is that it allows Square customers to innovate beyond Square’s offerings and services.

As Dorsey put it:

One manifestation of this that we saw was Shake Shack, who uses our Reader SDK to power their kiosk which enables their customers to pre-order right at the location and then pick up their hamburger and their fries and go about their way. This ideally speeds people through the line and ultimately allows Shake Shack to sell more burgers and enable them to see more customers.

For the third quarter, Square reported a 33% growth in net revenues to $585 million.

Square CFO Friar will be stepping down from her position at the company in December to become CEO of social network Nextdoor. Dorsey announced in the call yesterday that the company has “kicked off a CFO search,” being led by David Viniar, Square’s lead independent director, and Square board director Roelof Botha.