I would have thought that Zip anywhere would reduce merchants' interest in contracting with you. Wouldn't they say something like, "If you have these customers who can just pay to get this feature, why do I need to contract with you and give you a bigger merchant discount? I'll just let your customers who really want to use it go ahead and pay the extra money to you. Why do I need to do this? I don't want to pay for this."

Another advantage Zip had, which I think Klarna has adopted too, is the customer contribution model. Instead of charging a discount rate to the merchant, the merchant pays nothing. They can just put us on their product page or checkout page. The customer pays a variable fee based on the product cost. For a $100 purchase split into four payments, we might add a dollar to each payment, making it four payments of $26. The merchant doesn't pay anything, they might get a higher basket, and the customer sees a dollar per payment as no big deal.