How does Block print?
A take-rate or a net-interest line. Software on the same pipe.
Square and Cash App. L5 is the typical IC. Public paper.
The mix
- Take-rate / NIIThe flow.75%
- Software / otherSeats and attach.25%
Industry-shape composite. Not a filing.
Who pays
Merchants, consumers, or both.
Who builds
Payments, risk, and the product that holds the money.
