Not sure if you've taken the time to actually read the annual report yet, but on page 32 it does actually provide more detail on the cost of income and it's breakdown. So we actually do know "the composition" of it (if you bother to do your own research).
The 3.1%, is made up of 2.4% payment processing, and 0.7% the other stuff.
You will also see it refers to the fact they outsource the processing of payments to an outside party - which is the difference I referred to above.
In regard to your statement "all available metrics are moving solidly in the right direction", I take it your not referring to the share price!
SZL Price at posting:
$1.51 Sentiment: None Disclosure: Not Held
