APT revenue to TTV generation worst in the industry at 4.48% of TTV, page-5

lets.look at unit economics people.

Afterpay generated 502 million off 11.2 billion TTV in FY2020.
It charges merchants 6-7% fees per dollar sold plus 30 C per transaction
it also charges very high late fees compared to Sezzle and zip.
Yet Afterpay is only generating 4.48% return of revenue to TTV.
Why?
It has the pay in 4 model that is meant to cycle 12 times a year their balance sheet
They have hundreds of millions left in capital raise
How is it they are the worst performer with respect to revenue to TTV

Can someone helpe understand why it's so low?

In my head I would think if Afterpay are making 7 percent per 100 million sold in merchant fees or 7 million. And growing at the speed they are. It's effectively like compounding that 7 percent 12 times in the year which would mean they should be making more.

Quadpay with it's pay in 4 model is delivering 7.07 % revenue per TTV dollar sold. About 60 percent higher than Afterpays business model.
What is Afterpay doing wrong here? Really concerning imho
can someone explain it to me