If you focus solely on their US operations (APT US and Quadpay...

If you focus solely on their US operations (APT US and Quadpay offer a very similar product), the key difference is that Quadpay charges the customer a $1 fee per instalment payment. If you assume that the average order size is $150 (it is likely lower), that $4 equates to 2.7% of TTV. That 2.7% is essentially the difference between Quadpay’s revenue yield of 7% and Afterpay US’s of 4.2%.

This then raises the question of whether this $4 charge will impact Quadpay’s relationship with its customer and ultimately its growth rates? At the moment, Quadpay is growing at a significantly higher rate than APT in the US, so currently you could argue that the $4 fee is falling straight to the bottom line with no offsetting impacts.