I worked at a company for about four years with the payments processing in that time ranging from $300M to $3B.
The rate is the area to give the least concern to, but novices in the field always get hyper focused on.
Approval ratios, chargeback mitigation and other possible services are the bottom line real earners.
Today one of them could be break even but with 20000 customers could introduce a service that makes them incredibly profitable.
It is a bit of a jump, but Apples accessories department is currently accounting for 20% of Apples entire earnings. Not even the core product.
Payments example for either being discussed is they could just introduce the same services Ethoca was offering MasterCard acquired and they'd add on another $20-40M in EBITDA.
