What Is Afterpay
Afterpay is a payment method that allows your customers to pay in four instalments while the merchants get paid straight away. It is free of charge and your customers can spend up to 800$.
How It Works
Afterpay divides the payment into 4 equal fortnightly instalments. On the day of purchase, your customer pays the %25 of the total amount. Then they pay three equal instalments each fortnight with their last payment being deducted 6 weeks after purchase. First-time customers complete a quick registration, returning customers simply log in without any additional information required. Unlike other payment products, Afterpay does not require customers to enter into a loan or credit facility or pay any upfront fees or interest to Afterpay.
Why Should I Integrate To It?
The flexible payment method of Afterpay helps you to increase your basket size and repeat purchase rates. Zero fraud or credit risk help you to focus on your sales without any concern.
Afterpay’s internal and external research showed that their customers view Afterpay as an important budgeting tool as it promotes “responsible spending” for the consumers. It pays retailers upfront so all customer non-payments are a direct cost to Afterpay. The integration helps retailers to boost conversion (reducing issues such as shopping cart abandonment online), generate additional sales and reduce customer returns.