How do you sort of characterize where the major players are operating within segments of the market?

Sure.

I think it's best to look at a couple of pie charts that describe the swim lanes.

There are four swim lanes and three of them have something in common in that they're all SMB related, whereas one of those is enterprise.

Our most recent estimates suggest that enterprise, which is if we look at the 2025 pie chart, it's about 20% or so of industry revenue.

This is payments processing for large merchants.

This is processing for Nike or Lululemon or Dick's Sporting Goods.

And how about the segmentation in terms of where the volume is? Is there enough for all these good companies to make money? Is there enough volume out there?