It is actually an extremely misinformed point.
The assumption that the merchant should just cancel their Afterpay integration and, instead, utilise Afterpay's new affiliate model so as to "pay very little/nothing" is ludicrous. What company introduces a new product that decimates their business model?
The point which you and others have completely missed is that merchants with affiliate programs pay on average well in excess of 4% to the affiliate, which referred the customer. Some analysts are suggesting it could be circa 7%, my own research indicates that it will almost certainly be above 4%. Hence, this will not put downside pressure on Afterpay's margins, quite the opposite in fact.
Affiliate programs are a trillion dollar industry, because all merchants want to increase their sales. The 4%+ affiliate fee is just the cost of doing business. This is why the biggest ecommerce company on the planet pays affiliates.
A merchant does not grow to a certain size, whereby management decide that because most people have heard of us or a significant proportion of our target demographic has previously shopped with us, there is no longer any need for us to advertise, pay affiliates, integrate with BNPL providers, pay influencers and so on. The idea that a merchant can retain the 4%+ "wasted" on marketing/integrations/affiliates might appear alluring to the novice, but the higher profit margins does not remotely compensate for the drop in customers. Attracting and retaining customers is an on-going battle. The role of Afterpay is vital in this respect.
Merchants understand this, the street understands this, and hopefully all Afterpay investors understand this, which is all that matters. The few on here that peddle misinformation are an irrelevant annoyance.
The affiliate model and the integration model are complementary. Each has a slightly different value proposition. A key positive is that it provides merchants and customers with more options, and diversifies Afterpay's business model.
Crucially, the affiliate product provides a massive incentive for people to use Afterpay and, in particular, to use the App. This will attract more merchants to integrate and more affiliated merchants, which in turn will attract more users and so on. Thus, the number one metric to follow is the growth of active customers.
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