When Square’s stock price soared from $10.44 during trading Aug. 3 to $11.51 in after-hours trading, it was a powerful harbinger for the PF community. Square has been aggressive, but what the nation’s largest PF has done is a prototype for others to follow. Square can be seen as the standard bearer for all PFs; their success can be a sign of success for PFs worldwide.

“(The stock price) changed because Square reported earnings that proved their strategy and tactics, which were frowned on by Wall Street, actually worked in the quarter,” says Todd Ablowitz, president of Double Diamond Group. “Square is doing exactly what we expected. Their massive investment in sales is paying off. I fail to see any segment of their business disappointing.”

Square revealed its adjusted second quarter revenue was $171 million, up 54% from the year-earlier period, while net revenue rose 41% to $439 million (analysts had projected adjusted revenue of $158 million and net revenue of $406 million).

The company said it expects third quarter adjusted revenue of $169 million (analysts estimated $164 million), up from $118 million in the same period of 2015. Square also raised its 2016 adjusted revenue guidance to $662.5 million at the midpoint of its guidance range, up from $625 million. Analysts had predicted adjusted revenue of $643 million.

Analysts point to Square’s success moving beyond its origins in the small merchant space to offer non-processing products and services.

Ablowitz cites benchmarks of success like: more than 40% growth year over year, on a large base of over $12 Billion; net revenue growth of more than 55%; making more than 100 basis points of margin.

“I’d say they’re killing it,” Ablowitz says. “Almost more importantly they’re proving they can cross sell their base. Square Capital is growing again, with almost 25% quarter-over-quarter growth. As if that is not enough, they increased their projections substantially. It’s time for the rest of the naysayers to accept Square as a payments player for good.”