the quickest way to invite competitors it to bump up the merchant fee regardless of how entrenched they are
as good as this business looks in terms of growth profile and customer/merchant acceptance it can be replicated
they may be better off being able to turn a profit through volume growth, controlling bad debts (and some add on services, loyalty, revenue share promotions etc), then they will have the ability to reduce their upfront fee over time, which is what will entrench them
if the model can only be profitable at a certain volume then this provides a barrier to entry
APT Price at posting:
$7.32 Sentiment: Hold Disclosure: Not Held