Afterpay’s New Monthly Payment Solution Gives Consumers More Ways to Pay
05 Ottobre 2022 - 2:00PM
Business Wire
Afterpay, a leader in “Buy Now, Pay Later” payments, today
introduced a new payment solution that give consumers even more
choice, flexibility and time to pay, with transparent terms to
support responsible spending - just in time for the busy holiday
shopping season.
Consumers who select Afterpay’s monthly payment option can
budget their money over a six or twelve month period for purchases
between $400 and $4,000 with consumer-friendly payment terms1
including:
- No late fees
- No compounding interest with a cap on total interest owed
- A clear view of what is owed at time of purchase which won’t
increase during the course of the payment plan
Designed for purchases between $400 and $4,000, merchants can
now offer Afterpay for more items in more categories without paying
additional transaction fees or integration costs - while benefiting
from new customer growth, increased sales, and higher average order
values. Initially offered to existing customers making online
purchases, the monthly payment solution will be available for
in-person purchases in 2023.
“Our new offering is a natural extension of the Afterpay
experience - giving customers a new way to take more control and
have more choice in the way they pay,” said Lee Hatton, head of
Cash App Asia Pacific. “We look forward to supporting customers
with yet another smart budgeting tool.”
Starting today consumers can use Afterpay’s monthly payment
option at US merchant websites including Bellacor.com,
EyeBuyDirect, FWRD, and Your Mechanic among others, with additional
merchant partners coming soon. The company plans to extend the
offering to merchants outside the U.S. in 2023.
Afterpay gives consumers the ability to use their own money and
pay over time without having to turn to expensive credit cards
which can lead to revolving and compounding debt. Built from the
ground up to help consumers pay responsibly, more than 98% of
Afterpay transactions never incur a late fee and more than 90% of
Afterpay transactions are paid with a debit card.2
Since 2020, US consumer spending on BNPL has increased 660
percent3. This is more than five times the rate of growth for debit
card spending (43 percent) and credit card spending (8
percent).4
Afterpay’s monthly payment option is offered to existing
customers in partnership with First Electronic Bank, Member FDIC.
Merchants and shoppers can find more information about the monthly
payment option here.
About Afterpay
Afterpay is transforming the way we pay by allowing anyone to
buy products immediately and pay over time - enabling simple,
transparent and responsible spending. We are on a mission to power
an economy in which everyone wins.
Afterpay is offered by thousands of the world’s favorite
retailers and used by millions of active global customers5.
Afterpay is currently available in Australia, Canada, New Zealand,
the United States and the United Kingdom, France, Italy and Spain,
where it is known as Clearpay. Afterpay is a wholly owned
subsidiary of Block, Inc. (NYSE: SQ).
__________________________
1 You must be over 18, a resident of the U.S. and meet
additional eligibility criteria to qualify. Loans through the
Afterpay Pay Monthly program are underwritten and issued by First
Electronic Bank, Member FDIC. A down payment may be required. APRs
range from 0% to 35.99%, depending on eligibility. 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.
Loans are subject to credit check and approval and are not
available to residents of Hawaii, West Virginia, New Mexico and
Nevada. Valid debit card, accessible credit report and acceptance
of final terms required to apply. Estimated payment amounts shown
on product pages exclude taxes and shipping charges, which are
added at checkout. Click here for
complete terms. here to link to:
Consumer Lending (Pay Monthly) Loan Agreement (*not* Installment
Agreement for Afterpay pay-in-4) 2 Figures as of June 30, 2022 3
Source: The Next Generation Index, February 2022 4 Source: The Next
Generation Index, February 2022 5 Figures as of June 30
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221005005274/en/
Media Contact: media@afterpay.com
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