Friar:
As we go up into larger merchants, a year ago, I would have sat here and said our stake in the ground is probably up to about 20 million in revenue, it’s still very much in the sweet spot for Square. Today, I would say, I see customers coming across the trend, much bigger than that, much more consistently. A huge chunk of that is because the product has just gotten more and more sophisticated. We’ve doing things like on the vertical point of sale for retail for example, let’s say new retail point of sale launch. So that helps to keep driving more and more large merchants on to the system, and we’re seeing outsized growth right now. I think our GPV in Q2 grew about 45% year-over-year for merchants doing over $125,000, so outsized growth there.
I think the other driver for larger merchants, I mean, the majority still sells [Chris: I think this is supposed to say self on-board] on board, so over 80% just better upside, take a normal rate, by the hardware on the shop and off they go; they never talk to Square. [Chris: SQ is investing in sales, marketing, and support to gain larger merchants]But we have also invested and having and inside sales force but they do want to talk to someone to get going they can. We’ve also invested in some account management and of course even on our support organization that we continue to bolster that. So, now today Square has 24/7 constant support available for you. You can be in a priority telephone queue depending on your scale and so on. So, all of that helps bring larger merchants on. And then, I think the third lever because you asked me about GPV growth, is really the offline to online shift. And I think e-commerce is just began for us. A year ago, we launched our Build with Square API platform, can talk more about that if it’s interesting. But if you think about just the opportunity in omni-channel to begin with small businesses; they’re no different from larger businesses, they all know, they need to have an online presence too. [Chris: we’re seeing this big shift to online; it’s a driver/secular growth story for SHOP and it’s a driver for SQ] But it’s also opening the door to businesses that are may be e-commerce only but now can come on Square as well.