Business Strategy and Outlook
| Brett Horn, CFA |We think Block’s business model on the merchant side, characterized by efficient client onboarding, innovative point-of-sale devices, flat fees, and an internally developed and integrated set of software solutions, allows the company to reach and retain micro merchants that are unviable for other acquirers. In essence, we believe Square's initial success came largely from expanding the acquiring market, as opposed to stealing material share from existing players.
