Merchants charging fees for using APT, page-63

Your ignorance is on display with comments such as "Well afterpay take 4%, so that would be $20k, and considering there is $500k of sales and margin should be no less than 40% I think that's completely acceptable"

No retailer makes 40% margins. Kogan, an online retailers EBITDA margins are 6.9%. Whilst i understand Kogan uses afterpay, if all of kogans customers used afterpay, all else being equal Kogans margins would shrink from 6.9% to 2 - 3%. This would be partially offset by the theoretical increasing basket size leading to a wider base to spread fixed costs (in theory)

Similarly Adairs margins were about 12.6%. So if the "basket size" theory isnt real then afterpay burns a big hole in the retailers margins, which isnt passed on to the consumer.

Rough calc:

Consumer without APT purchases $100 basket -> Adairs makes $13 (13% * 100)
Consumer with APT purchases purchases $150 basket > Adairs makes $150 * (13% - 4%) = $13.50

Thats a big IF that APT leads to bigger basket sizes