> Are they pushing more charges to the retailer and less interest charges to the consumer? This is my understanding of how the “no-interest” BNPL offers work.

> Are they pushing more charges to the retailer and less interest charges to the consumer? This is my understanding of how the “no-interest” BNPL offers work. You can buy a Peloton bike and finance it through Affirm for 0% interest. The only way that scheme works for Affirm is if Peloton pays a kickback to Affirm for handling the financing. I just read through their latest 10Q and it confirmed what I assumed: “From merchants, we earn a fee when we help them convert a sale and facilitate a transaction. While merchant fees depend on the individual arrangement between us and each merchant and vary based on the terms of the product offering, we generally earn larger merchant fees on 0% APR financing products. For the three months ended September 30, 2021 and 2020, 0% APR financing represented 43% and 46%, respectively, of total GMV facilitated through our platform.” They also buy and service some of the loans they make. https://investors.affirm.com/static-files/c2bbca98-f909-4961-87ec-f16b67233c57#page11 https://investors.affirm.com/static-files/c2bbca98-f909-4961...