> We just aren’t well connected enough to convince established merchants to switch over to a startup’s payment network, especially since the value to them is dubious.

So instead of competing on merit by improving the value offered to merchants, your concern is to become connected enough to have the merchants switch to you in spite of "dubious value"??

If you read the article they do give merchants more value in the form of 2% lower fees. It's just that that's not enough.