Citibank Equal Payment Plan, page-9

where can I find information regarding up front payment? The crux of the SPT model is that they bear no risk and there is no chance the card issuer is providing the merchant with funds up front when the customer is paying the bank off over a period of years with no interest applied. If this is the case, SPT would be the ones taking on the risk - flying in the face of their model. Please provide some more information on this.

your comment regarding large online retailers is heavily
misguided. Large online retailers are just as much exposed to the risk this model presents. Do you actually think JB HIFI can defer receipt of their revenue into 12, monthly instalments? Not a chance. The lack of merchant sign up is not worrying, it is expected as there are so few retailers that can handle this. The only merchants that could actually incorporate this into their model would be for products where the margin is incredibly high and they will make there money back within a couple of months. Seamless integrations are useless if there are no merchants willing to integrate.

The only play play for SPT is an acquisition and I can’t fathom how a competitor would value their infrastructure and tech at the 500m market cap it has.