My interpretation is revenue per terminal has fallen in the...

My interpretation is revenue per terminal has fallen in the order of ~13%, with 'transacting terminals' down 2% (7,306 at June 30 to 7,149 in August). Collectively, a 15% decline in acquiring revenue for August.

I have been keeping an eye on the Tyro releases, who are reporting weekly updates to the market. Have seen similar falls in the Jul-Sep period vs. Jun-21 run rate (10% for July, and 20% for August). I believe Tyro target the same sort of SME customers as Smartpay. Combined they still have a small marketshare of the Aus terminal market - plenty of room for these two to grow market share against the banks.

I read that Tyro had a partnership with Bendigo. I wonder if SMP would be able to partner will some of the smaller players (Bank Australia, BoQ, or those outside the big 4).