on this point, if the pair of shoes is sold, paid to the retailer, but the consumer/customer can’t pay for it and defaults.
then zip will need to earn 20x the $5 commission to pay for the pair or shoes
their margin of safety is the 5% or whatever actual commission they charge
for the sake of arguement and to keep the numbers simple (I’m sure zip have other way of charging a fee, but let’s ignore that for now
if there is a 1% default rate on a 5% comm
then 20% of the commission fee is at risk
Z1P - The Rise To $15.00, page-254
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