November 8, 2013
A lot of people asked me on different forums that, what are the merchants that Square really supports and how many of them?
I think this quote applies most fittingly to gain a perspective on this subject:
It is the obvious which is so difficult to see most of the time. People say 'It's as plain as the nose on your face.' But how much of the nose on your face can you see, unless someone holds a mirror up to you? ― Isaac Asimov, 1965
A Reflection Of The Numbers
To gain true clarity in the tech world one must step outside of marketing messages and perhaps, the well meaning tech writers and friends. It is important to separate perceptions from reality. This requires a perspective. To gain a perspective we should first view the entirety of the US market in 2012 in actual dollars in Payment Cards processed and percentages of marketshare this represents.
Chart showing 11 companies with about 79% of total dollar volume of Payment Cards processed in the US, the remainder is held with about 100 smaller entities. First Data's processing also includes Wells Fargo, Citi Merchant Services and most of BA Merchant Services along with others yielding over 70% of Payment Card processing in the US.
Square's Phenomenal Growth
I want to be very, very, clear, Square has had robust growth since the launch in late 2010. Three years later they went from $0 to about $10 bil ...