Citibank Equal Payment Plan, page-35

i fail to see how it could ever cost 4%. just think about it, a credit card would charge you 16% over 12 months and they have actually performed a credit check and approved your risk profile. even if someone only had payment terms of 3 months, they would need to charge a premium to the pro rated credit card rate of 4%. this fee is also in addition to the cut that splitit take of 1.5%. in that example where a merchant has to pay a minimum of 5.5% for a 3 month payment term (likely closer to 6-7%) - why wouldnt a merchant use afterpay who are far cheaper? if it was a 12 month period that the money was being lent over, can you honestly see a merchant giving up 20% of their ticket price to cover Splitit and the financiers fees?