When Square and Stripe came on the scene in 2010, they redefined the payment facilitator role in contemporary merchant acquiring. Like payment facilitators before them, Square and Stripe eliminated the requirement that sellers maintain their own merchant account. What they did, which permanently impacted the industry, was to rapidly onboard micromerchants and enable them to start accepting card payments almost immediately. Both have since moved beyond micromerchants to small and midsized merchants, including online sellers, which places even more competitive pressure on legacy independent sale...