Why the Afterpay (ASX:APT) share price is sliding lower

The Afterpay Ltd (ASX: APT) share price is slipping today, down nearly 4% in early afternoon trading as the company is drawing attention over its merchant fees.

That’s heading in the opposite direction of the wider S&P/ASX 200 Index (ASX: XJO), up 0.6% at time of writing. And it puts the Afterpay share price down 7.2% from its all-time high of $104.53 reached on 9 November.

Year to date, shareholders will have little to complain about though, with Afterpay shares up 217% since 2 January.

What does Afterpay do?

Afterpay operates in the buy now, pay later (BNPL) market. The company’s payment platform allows people to buy and receive goods and spread the cost of their purchase out over equal payments, without any interest or fees….