[J.Celifarco]

So if the merchant is approved for 100k and only 20k gets signed out in the first lump, they'll pay 20% on 20k? And then 10% on each additional 20k until they've been funded 100k?

That would be a net 12% commission on 100k. That's more logical.

again not exactly sure of the logistics of how they release the subsequent fundings but that is the general idea.