Agreed, that is the biggest challenge for them, and the First Data IPO (which is probably the best comp for them) has been challenging.<p>OTOH Square is on pace to hit $1B revenue &#x2F; year and growing quickly vs. anybody else in the processing space, but it will all come down to how the market thinks about their business  and their ability to cross the chasm from very small merchants (which makes up the majority of their business and they have locked up because other processors &#x2F; ISOs cannot compete with their customer acquisition costs) into the next tier of small businesses...<p>Along those lines, great article from Bill Gurley about revenue multiples: <a href="http:&#x2F;&#x2F;abovethecrowd.com&#x2F;2011&#x2F;05&#x2F;24&#x2F;all-revenue-is-not-created-equal-the-keys-to-the-10x-revenue-club&#x2F;" rel="nofollow">http:&#x2F;&#x2F;abovethecrowd.com&#x2F;2011&#x2F;05&#x2F;24&#x2F;all-revenue-is-not-creat...</a>