it is the nominal value of the sale at the merchant: customer pays 100 for a shirt = 100$ ‘underlying sales’. Afterpay take their percentage from that amount (4% seems to be the rate most quoted, which gives them $4 (ish) revenue from underlying sales of $100).
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- Ann: Q1 FY21 Business Update
Ann: Q1 FY21 Business Update, page-82
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