APT - Capital Raise, page-38

It’s probably the biggest factor with Afterpay though, if their average net margin is 2%... and lower when you exclude late payment fees etc... that’s equates to less than a supermarket type operating margin. I can’t imagine they’d be able to charge merchants at a significantly higher rate...

If they can somehow increase the return they get per transaction they will absolutely justify the faith so many people have. I don’t want to argue this but I think it’s the biggest factor for Afterpay.