Marc Gardner takes on Twitter founder's Square in big bucks battle

App-based devices that allow merchants to process digital payments are convenient and in-demand. The field is dominated by Twitter co-founder Jack Dorsey’s Square Inc. and North American Bancard LLC founder Marc Gardner’s PayAnywhere LLC. Sudip Datta, the T. Norris Hitchman Endowed Chair in the Department of Finance, said holding off on outside equity is a smart decision for PayAnywhere. Square Inc. reportedly raised $440 million in four rounds of venture capital since it was founded in 2009. In 2013, the company lost $100 million and investors want the company to find a buyer.  "Having and keeping control of a fledgling new business venture is important. In the case of Square, that control has been compromised as the venture capitalists are eager to see their liquidity event or exit. They typically don't have much patience, three to five years at most," Datta said.

Crain's Detroit Business