Q3 Trading Update Guesses, page-15

That depends on how you define TAM

There are over 1m EFTPOS machines in Aus. I don't know how they break down into various segments, but assuming 250k are sitting with SMPs target customers, 10% of this market is definitely doable if not too low. The competition is just horrendous (next best is Tyro, then CBA in my view)


Anecdata: I spoke to a friend who owns 3 cafes in Melbourne. He was cold called by SMP the other day, but turned them downo only because Ross McEwen gave them some nice publicity post COVID (their biggest cafe is downstairs from NAB Docklands, so they are a NAB customer)

He told me they'd save ~$600/mth at the two smaller cafes, and almost $1000/mth at the larger one (using SmartCharge). He could implement SmartCharge at two of the three, given surrounding cafes/stores are already passing on surcharge to customers. This is for a cafe - keeping in mind this was not SMPs target customer initially.


I suspect that as the cost of txns continue to drop, surcharging will become more palatable for customers making smaller purchases. Given the push for LCR on mobile txns (and favourable view of surcharging by the RBA) this is heading in the right direction (QR Codes being the exception). As a result, we'll likely see TAM is a moving target... (growing)



I think 25k is too low a target. At the current rate, we'll hit that number by ~April 2024...