This extract is cut and paste from one of their earlier...

This extract is cut and paste from one of their earlier announcements and is probably the best explanation I've seen of the lag in their invoicing for any interested ...

Every single merchant connected to T-Linx (by T-Linx-Merchant connection solutions) is literally a
transaction entrance for T-Linx. The more merchants connected to T-Linx (by T-Linx-Merchant
connection solutions) the larger the transaction volume passing through the T-Linx platform. FTC
therefore considers that increasing number of T-Linx-Merchant connections will lead to security of
fee income as the technology becomes virtually inseparable from the system within which it is
imbedded. In cases when FTC is engaged in various smart POS terminal sale, such sale revenue
receipt usually takes 3 - 6 months after terminal installation. The reason for the lag is the time
required by the engaged member banks for their payment approval process. Though this will
affect FTC's cash flow in the short-term, in the medium to long-term each installed smart POS
terminal will contribute significantly to transaction volume of T-Linx and hence FTC’s fee income.
Moreover, such POS terminal payment lag will not influence FTC’s fee calculation in 2-3 bps
sharing model, meaning FTC's fee calculation will be commenced immediately once these POS
terminals receive and process payments by merchants.
Under the 2-3 bps sharing model, FTC’s fees start to be generated from a new bank client
immediately after completion of T-Linx implementation and T-Linx-Merchant connection according
to signed contract. In the beginning ‘run-in’ phase, FTC and the new bank client will work together
in tracking and identification of transactions, reconciliation of transactions (down to the cent),
identification of error sources, correction of error sources and re-reconciliation. Once such ‘run-in’
process has been completed as mutually agreed between FTC and the bank client, the bank itself
will commence its payment approval process for FTC’s fees generated during ‘run-in’ phase,
which usually takes 6 - 12 months. The completion of ‘run-in’ phase and first payment will lead to a
mutually accepted fee calculation methodology and fee settlement process, and hence more
regular cash receipt by FTC from a new bank client.
As further Rural Credit Cooperative Union members join, FTC will increasingly receive stable cash
inflows. This will occur through not only organic growth but also because each new bank partner
executes their contract with FTC on different dates so the inflows from those contracts to FTC will
overlap or straddle one another meaning that while one bank is being on-boarded those previously
on-boarded will have been generating transaction fees for FTC.