My theory is that the additional distribution from their deals with Visa and Starbucks didn't come with the same business terms they're able to negotiate indepe

My theory is that the additional distribution from their deals with Visa and Starbucks didn't come with the same business terms they're able to negotiate independently. One small biz negotiating with Square versus the gigantic morass that is Visa. Chances are Visa will have a more dominant negotiating position.