that's the consumer side, not the merchant side. the merchant signs up to get the customers payment upfront which is what SPT funds, and merchant pays a % and transaction fee for the service to SPT. so if merchant defaults on paying SPT back it's a direct default against SPT books.
the credit card is the security between customer and merchant only.
Ann: Splitit signs US$150M Receivables Warehouse Facility, page-58
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