Afterpay Limited is a finance-related technological company. Such companies are also called fintech companies, founded by Nick Moler and Anthony Eisen in the year 2014. It was built on the concept of buy now and pay later. Hence, the name Afterpay. It is integrated as a payment option with all the popular stores and can be used as a payment method during checkout.Does afterpay take paypal?
No, Afterpay does not take PayPal as it only accepts debit and credit cards. But since the service got very popular in Australia, PayPal itself introduced a feature similar to Afterpay buy now and pay later. PayPal and Afterpay have become competitors of each other in the market. PayPal has introduced a new feature which is called PayPal Pay in 4. It is free for all. And offers the customers to split the purchase within the range of 30 dollars to 1500 dollars. That is into four completely interest-free payments.Does afterpay take paypal?
How does Afterpay Work?
It is the policy of the company to offer interest-free loans to its customers. Shopping can be done anytime, but instant payment is not needed. This is a good experience for the consumers who compromise their shopping while waiting for the money. Afterpay was acquired by the fintech square NYSE: SQ in August for almost 29 dollars.
Afterpay offers its eligible customers the following services:
- Short-term financing options at the participant retailers.
- Customers can do online or offline shopping and pay their bills in installments over six weeks.
- It doesn’t charge any interest but imposes late fees if the installments are not on time.
Which Cards are accepted by Afterpay?
It accepts all types of domestic debit and credit cards along with AMEX. However, it does not accept cards that are issued from overseas. Also, if a customer uses cards, then they may not be eligible for the rewards or offers, additional points, and cashback.
How does Afterpay work?
It offers the service of buy now pay later means when a customer chooses Afterpay as an option. But their total bill is split into four installments over the six weeks. And if they pay their installments on time, then no interest, no fee, no charges, or penalties are implied on them. However, one initial down payment has to be made by the customer during the purchase.
To use the service online, one has to select the option of Afterpay during the checkout. The account opening is simple and instant one can make an account and immediately complete the payment on the retailer website.
However, to use it in offline mode or any physical store then one has to follow the following steps:
Step 1 Download the Afterpay app.
Step 2 Create an account on the app.
Step 3 Click on the card tab on the app.
Step 4 It creates a digital card that can be added easily on Google Pay or Apple Pay.
Step 5 And finally the payment will be completed.
Once the purchase is completed, the consumer can log on to the app, check when the following amount is due and how much that amount is. Afterpay does not take interest but charges fees on late payment. This fee is 25% of the purchase amount. Prepayment is accepted, and there is no penalty if one wants to clear all the loans before time.
Conclusion
AfterPay is a finance-related technological company based in Australia. It works on the principle of buy now and pays later principle. It accepts domestic debit or credit cards but does not accept PayPal as of now. However, PayPal is testing a similar feature on its platform independently so that the customers can take advantage of it.
Frequently Asked Questions
Q.1) Can Afterpay be used to pay bills?
Ans. Afterpay is used for shopping purposes only, so it can be used both online and offline mode, but it can’t be used to pay the bills.
Q.2) Is it safe to use Afterpay?
Ans. Afterpay uses a high level of security in the payment industry. It’s PCI DSS that is Payment Card Industry Data Security Standards. It is one of the payment industry’s levels one certified compliant service providers.
Q.3) How to make payment through Afterpay?
Ans. The Afterpay app is easy to use and can be downloaded from the play store and used to make payments. There is an option of an automatic payment system. On the app, select the preferred card and enter the card’s details. After doing this, select the preferred payment options under the billing option of My Account.
If any installments are due, the app will notify you beforehand so that the payment can be made conveniently. Similarly, the installments can be paid early through the pay now button on the app.
