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Accel Partners, Google Ventures, Peter Thiel and the like are certainly "smart-PE." Not sure I understand your point Noob. What side of the business are you on, funder or ISO? What exactly are you advocating for?

Peter Thiel lost 80% of his fortune shorting the market-so i will beg to differ. Regardless-I'm not advocating anything-just stating the obvious that the economics of the business model simply do not work with the cost of acquisition. I am very interested in why you think it is prudent from a risk perspective for a merchant to net only 40% from a new financing.