It seems that the merchants were strong-armed into a mafia-style deal with Honey, in that if they didn't partner with them then Honey would suggest the better coupon codes that not everyone was able to have. If they did partner with them then they would be allowed to suppress those particular coupons. Seems like a damned if you do, damned if you don't situation.
If I were a merchant I'd definitely prefer to have the original affiliates rewarded as they are the ones actually driving the visits rather than Honey stealing the commission after the user is already there intending to buy.
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