Charlie Youakim

So retail payments.

And again, wrong idea at the start.

We were trying to do like a Venmo for checkout to lower processing fees.

And then we noticed buy now, pay later, this paying for technology taking off in Australia, we pivoted to it.

And it was just a rocket ship from that point forward.

Yeah, so I think customers are making these purchases anyway.

on their credit cards if they didn't have BNPL.

So I think the difference being that with BNPL, the customer actually feels safer.

It also computes to a lower cost product for the customer as well.

I don't think they're sitting here with a calculator figuring it out, but I think they're figuring it out through usage.

And here's the reason why I say that's the case.

Well, I'll give an empirical example as well, but I think the customer, when they use BNPL, the payments are planned.

We had down payment today, one at two weeks, four weeks, and six weeks, which matches to these pay cycles for these young customers, mid to low income, like these biweekly pay schedules.

They view it as budgeting.

And I think they want to use BNPL because they don't want to get over their skis.

Because what happens with BNPL, the moment there's a missed payment, i.e.

you've overextended, you can't use this anymore.

You've got to catch up before you can use this again.

So BNPL companies like Sezzle, but I think all of us, we're all 100% aligned with financially allocating credit to these customers.

If we overextend them, we also get into trouble.