Take rate and pass-through: gross receipts to net revenue
Interchange, scheme fees, acquiring costs, net take rate.
By Surojit Chakraverti, founder of L3VLUP and an investor running a long-short healthcare and technology equities strategy.
On this subject: take rate and pass-through: gross receipts to net revenue.Updated 30 October 2026
Part of technology company financial models, with the models, labs and guides around it.
What it does
Three numbers that must never be confused. Gross receipts are what merchants are charged: TPV times the gross take rate. Pass-through costs are owed for every card payment to others in the chain: interchange to the card issuer, scheme fees to the card network, acquiring costs to partner banks. Net revenue is what is left, and net revenue over TPV in basis points is the net take rate investors compare. Interchange differs by region (it is capped for consumer cards in Europe and not on US credit cards), so the gross rate differs too while the net rate stays close.
Where it lives
The same schedule in each model that carries it, with the rows to open. Open a model in the browser, go to the sheet, and click the lines.
- Assumptions, rows 41–52: E-commerce, Europe: gross take rate, FY0A, E-commerce, North America: gross take rate, FY0A, Point of sale, Europe: gross take rate, FY0A, Point of sale, North America: gross take rate, FY0A…
- Assumptions, rows 55–58: Issuing revenue, % of platforms TPV, Cross-border share of e-commerce TPV, Foreign exchange spread on cross-border TPV, Value-added services, % of net transaction revenue
- Take Rate, rows 6–35: E-commerce, Europe: gross take rate, E-commerce, Europe: gross receipts, E-commerce, Europe: pass-through costs, E-commerce, Europe: net transaction revenue…
- Take Rate, rows 38–49: Gross receipts, Less interchange, Less scheme fees, Less acquiring and network costs…
- Take Rate, rows 52–57: Issuing, Foreign exchange, Value-added services, Other revenue…
- Income Statement, rows 6–11: Processed volume (TPV), Gross receipts, Less pass-through costs, Add other revenue…
- Reported, rows 21–32: Settlement fees (Adyen’s mark-up, net of interchange and scheme fees), Processing fees, Sales of goods (point-of-sale terminals), Other services…
- Derived, rows 6–19: Processed volume growth, Net revenue growth, Net take rate: net revenue over processed volume, Non-interest revenue over processed volume…
- Derived, rows 38–48: Take rate, H1 2026, Take rate, Digital, H1 2026, Take rate, Unified Commerce, H1 2026, Take rate, Platforms, H1 2026…
- Forecast, rows 56–58: Net interest income, % of net revenue (editorial), Costs incurred from financial institutions, % of non-interest revenue (editorial), Costs of goods sold, % of non-interest revenue (editorial)
- P&L & Cash Flow, rows 16–25: Digital: net revenue, Unified Commerce: net revenue, Platforms: net revenue, Digital: take rate…
- P&L & Cash Flow, rows 28–37: Net interest income, Net non-interest revenue, Non-interest revenue (what Adyen bills, excluding interchange and scheme fees), Less costs incurred from financial institutions…
- P&L & Cash Flow, rows 85–99: Take rate, FY2026E, Change from the mix: pillar shares moving at FY2026E pillar rates, Change from each pillar’s own rate, at FY2030E shares, Take rate, FY2030E…
What a reviewer looks for
- Gross receipts reported as revenue.
- Gross take rates compared across regions with different interchange.
- Interest on the settlement float counted inside the take rate without saying so.
Learn it, then build it
Build · Lab · ~12 min
Unit Economics
Build an LTV:CAC you could defend under questioning, and answer payback as its own question.
Read · Guide · 7 min
Equity Research Interview Questions: The Coverage Mindset
Vocabulary: Take Rate, Basis Points (bps).