When Square was launched in 2010, the market was intrigued to see how their dongle-based solution, with an easy boarding process and simplified pricing strategy, would impact the U.S. merchant acquiring space. It was a revolutionary approach to card acceptance and has since inspired many competing solutions.
With rumors of an upcoming IPO, it seemed appropriate to overlap Square’s growth metrics with attrition and other data for some context to evaluate if Square has disintermediated existing U.S. merchant acquiring providers within the SMB market. Please note that the charts below represent U.S. market metrics and do not include Square data.