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Afterpay Features and Benefits
Afterpay is a Buy Now, Pay Later (BNPL) service that offers several key features and benefits:
- No Interest: Afterpay charges 0% interest as long as payments are made on time.
- Flexible Payment Options: Customers can choose to pay over 6 or 12 months or in 4 interest-free payments.
- Budget Management: The Afterpay app enables customers to spread the cost of their purchases over four installments, which can make it easier to budget and manage expenses.
- No Minimum Purchase: There is no minimum purchase amount required to use Afterpay.
- Soft Credit Checks: Afterpay conducts soft credit checks, which do not affect your credit score.
- Payment Reminders: Afterpay sends payment reminders to help you stay on top of your payments and avoid late fees.
- Wide Vendor Acceptance: The Afterpay app enables you to make purchases from over 98,000 vendors.
These features make Afterpay a convenient and flexible payment option for many shoppers. However, it's important to remember that late payments can result in fees, so it's crucial to stay on top of payment schedules.
Afterpay Pricing
Afterpay is a free service when you pay on time. There are no upfront fees charged or any interest incurred. The only fees that may be incurred are late fees if your scheduled payments are unsuccessfully processed and, after being notified, you do not log in to your Afterpay account to make your payment via a different method. Shoppers in the USA may receive up to an $8 late fee for each missed installment but the total late fees for each order won't exceed 25% of the order value.
Monthly Payment Afterpay Monthly Payment is a simple interest installment-based lending option that gives you more flexible ways to pay for high-value orders. Depending on your eligibility, Pay monthly offers flexibility with a 6 and 12 month interest-based payment option on items over $400. Interest accrues on the unpaid principal balance on a daily basis.
For Square sellers using Afterpay, the Afterpay processing fee is 6% + 30¢ per Afterpay sale. Square sellers using Afterpay get paid the full amount at the time of purchase, minus a processing fee on the total order.
For APRs, they range from 6.99% to 35.99%, depending on eligibility and merchant. As an example, a 12 month $1,000 loan with 21% APR would have 11 monthly payments of $93.11 and 1 payment of $93.19 for a total payment of $1,117.40.
Payment Method
Afterpay offers a buy now, pay later service. Customers can make purchases and pay for them in four installments. Payments are automatically processed on the due dates outlined on the payment schedule. Customers can also log in to their Afterpay account to see their payment schedule and make a payment before the due date.
To make a manual payment on a single installment, customers can click the 'Pay' button next to the desired payment. They can confirm the amount they would like to pay, ensure the right card is selected, and tap 'Submit payment'. If they would like to make a one-off payment with a different card, they can tap ‘New payment method’, enter the card details and tap ‘Submit payment’.
Afterpay works by paying for orders on behalf of the customer, which they then pay off in four installments. There are certain risks involved with this service, so to help ensure the safety of the account, Afterpay scans and verifies the credit or debit card(s) associated with the purchases. This scanned information is used only for verification.
If eligible, customers can use the Afterpay Card with Apple Pay or Google Pay to make a contactless payment at checkout. This makes the payment process more convenient and secure.
Remember, Afterpay accepts US-issued debit or credit cards for payments. The payment method must be authorized for use.
Afterpay FAQs
Afterpay Alternatives
Here are the top 10 alternatives to Afterpay:
These platforms offer similar services to Afterpay, including buy now, pay later options. They operate in various regions and have different features and benefits. It's recommended to research each platform to understand which best suits individual needs. Remember, the choice of platform can depend on factors such as fees, customer service, and ease of use.
How To Open A Afterpay Account?
To open an account on Afterpay, follow these steps:
- Visit www.afterpay.com or download the Afterpay app.
- Make a purchase with a retailer that offers Afterpay and choose Afterpay as the payment method at checkout.
- Provide payment details to complete the purchase.
- Once the first order is approved, an Afterpay account is created.
- Set up a password to make more purchases using Afterpay by simply entering login details upon checkout.
To be eligible to use Afterpay, one must:
- Be at least 18 years old.
- Be a resident of the United States and reside within one of the 50 states or the District of Columbia.
- Be capable of entering into a legally binding contract.
- Have a valid and verifiable email address and mobile telephone number.
- Provide a valid delivery address in the United States.
- Be authorized to use the Payment Method provided (US-issued debit or credit card).
- Pass Identify verification (Monthly Payments).
- Pass identity and eligibility checks (Afterpay Card).
For in-store shopping, one needs to create an account, download the app, and follow the prompts and eligibility checks to add the Afterpay Card to the digital wallet. For online shopping, there's no need to register prior to making the first Afterpay purchase. The account is created once the first order is approved.
Remember, if moving to another country where Afterpay or Clearpay is offered, a new account would need to be created. If one would like to re-use the email address to set up an account, the email address can be removed from the original account.
Afterpay Return Policy?
The return policy at Afterpay works within the company's return policy. If a customer wants to return a purchase and it meets eligibility requirements for the funds to be restored to the original form of payment, the return is processed as for any other credit return.
The refund will then drop through to reflect on the Afterpay account, and if a refund back to the card is owed, it will be returned to the card that was used to make the payments. Once processed, the money can take up to 10 business days to be returned to the card/s, depending on the financial institution.
It is important to remember that returns are always subject to the merchant's refund policy. This information can normally be found on their website or by contacting the merchant directly.
Customers can initiate the return through the Afterpay app. They can move an upcoming payment if they're expecting a refund. They select the order they wish to return and scroll down to view the order details. They select 'Return Order', 'Returning by mail', and select relevant return details.
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