Afterpay Valuation, page-4566

Yeah today's drop is just a day
That's bloody obvious as pretty much every stock is a sea of red. Had Afterpay dropped while others maintained that would be more of a sign

Afterpay still has the highest multiples applied to it in the FinTech space. More than affirm. And that's what is really concerning for me if I was an apt investor because affirm is a lot bigger than Afterpay, attracts more premium customers that spend more and affirm generated near 3x the revenue per dollar sold and growing at identical YoY growth of revenues looking at both companies FY reports.

Afterpays revenues per TTV sold will continue to fall if the percentage of late fees of TTV continues to fall. Only way to increase this would be for Afterpay to increase its merchant fees for merchants across the board. And with the likes of affirm, PayPal, quadpay all big business in the US the chances for merchant fees to increase seem highly improbable, more likely merchant fees will continue to be under attack by the merchants themselves as more customers buy goods using afterpay the merchants will want to drop the merchant fees it pays as a volume discount.

Does anyone know what agreements Afterpay has in place with merchants regarding increase sales volume. If it's like any other company in the world merchants would have agreed to a higher merchant fee to start but as sales increase the merchant fees decrease, likely in a tiered fashion. Meaning the more Afterpay grows the worse it revenue per TTV metric becomes.