Do I basically have the picture right? I'd love to hear more about the implications of that.

Regarding purchasing anywhere, we had no direct relationship with the merchant. Merchants received full payment at checkout, whether physical or digital. Our relationship was solely with the customer, who had to make four payments within six weeks. We monetized by charging $1 per installment. So, if a customer bought something for $100, they would pay back $104 to Zip. This margin was substantial, even larger than what we earned from merchants. However, merchants provided volume, allowing us to monetize effectively. For customers, a $1 installment fee was negligible, making it an attractive option.