Ann: Openpay June quarter (Q4 FY20) investor briefing, page-34

Openpay automatically transfers payment into the merchant’s nominated bank account the following business day. The final amount that is received is the residual/balance after the agreed merchants fees and GST has been deducted (as outlined in the merchant agreement).

Openpay like Afterpay wears the risk of the purchase. If a customer defaults they lose the 3-4% fee's plus the cost of the item.

I'm not sure with Open Pay but with Afterpay when a customer defaults it doesnt impact their credit score, unlike on a credit card etc.

Not sure this is a good thing for attracting borrowers that see that as a benefit!