If they are receiving 1-2% why does this not show up in the 4C, ever?
The charges via the Spenda website shows a max charge of "up to" 1.5%?
Of the 1.5% which I'll assume no one pays, Fiserv/ Mcard et all will take their cut first so you will find the true rate to SPX is more like .40%
Then you need to work out what % of transactions are paid by card and not EFT, current guesses say majority is EFT so your unfortunate BS estimates are exactly that based on unrealistic and unproven figures
If in doubt refer to latest 4C income, then look at the lending book size and the transaction volume, it doest add up
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1.4¢ Sentiment: Sell Disclosure: Not Held
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