Agree late fees are covering bad debts. However, it is imminent...

Agree late fees are covering bad debts. However, it is imminent that the late fees will have to be reduced by half or more as they will be seen as to much of an impost to be disguised as an administrative fee and not a hefty penalty interest. The key for APT in my opinion as to continue to grow their customer numbers and repeat transactions to a point where the average merchant fee rises to about 8% from the current 4.1%. At this point merchants will have almost no choice but to accept the rise in merchant fees. Sure merchants could choose to abandon AFTERPAY and choose a competitor to advertise on their websites. But those competitors will not be viable as they will have to charge less merchant fees which is proven not to be highly profitable and their customer base will be made of Afterpay bad debt customers and fraud customers (customers kicked of Afterpay).