Ann: Splitit to Launch In-Store with Multiple New Merchants, page-55

How about you do the figures and then tell me if you're so confident the numbers don't stack up?

But before you do, let me remind you of Splitit Plus.

What it is up against is a merchant using Instalment (Zip charges 5% + 3c) and having to pay a Gateway (Stripe charges 2.9% + 3c).

So if a merchant is willing to pay ~8% fees, AMEX can beat this and still have enough to pay Splitit a decent commission for the use of SPLITIT Plus.

SPLITIT PLUS charges 3.9% + 3c for BOTH gateway and instalment option. (Keeping in mind this is if they use it directly with Splitit, it would be much more competitive if Splitit knew they could scale this with millions of merchants.)

AMEX fees range from 2.3% to 3.5%.

You do the maths

I didn't pull $1000b out of my arse, this is close to the global transaction volume for AMEX annually. If Splitit could get a slice of this pie and only take 1% to 2% it would still be very profitable.

Furthermore, AMEX would not need to sign up any new merchants they would just offer this to existing merchants on their network. It wouldn't be an added feature but something they could opt in to. When I talk seamless, I'm saying the merchant is dealing with ONE company (AMEX) to provide the entire E2E solution. Something that SPT is pitching as a huge advantage of Splitit Plus.