You may have recently heard of something called afterpay and you may be wondering what it is and if it is for you, especially in the lead up to Christmas.
afterpay is similar to layby but for online shopping.
afterpay requires the user to be over 18, live in Australia, be capable of entering into a legally binding contract, have a verifiable email address or phone number and have an Australian credit or debit card.
A user will sign up to afterpay and give their contact details as well as details of one valid credit card or debit card.
Once you are a user you simply need to choose afterpay as your payment method when you make your purchases.
Once the user signs up they are able to pay for an item in four installments that are deducted every fortnight from their card, with the first installment being taken straight away the first time you make an order.
Once you have fully paid off your first order AND 6 weeks have passed afterpay will no longer consider you a new customer, this means that for purchases under $500 your first payment will only be deducted 2 weeks after your purchase and your last payment 8 weeks after purchase. For all orders over $500 regardless of your status you will be charged the first payment at the time of purchase. You will also be required to make your first payment immediately if you are making an In-store purchase.
Your item will be shipped to you immediately or as set out in the normal terms by the retailer, so you can receive your item while still paying it off.
Once you select afterpay at the checkout you will receive an email that outline your payment installments, you are able to make payments earlier by logging into your account, there are no fees to use afterpay, however there are late fess which are $10 after midnight and then a further $7 if the payment is not made within 7 days.
Afterpay is fairly reasonable they will simply deduct your payment from your card if you have not made a payment on the scheduled payment date; if this for some reason is declined then afterpay allows you until midnight AEDT in summer and AEST in winter to make a payment. Afterpay will also notify you if your payment has been declined.
Afterpay does have an email address if you have a genuine reason for not being able to pay, however you must have a valid reason: firstname.lastname@example.org
Afterpay is used by a range of different merchants and has an online shop directory that you can scroll through; it is used by larger companies as well as smaller merchants. Some of the more ell known customers are: General Pants Co, CUE, ToysRus, Best and Less, bras N things, Jeanswest, Topshop, Tony Bianco, Review, Showpo, Veronika Maine, Carla Zampatti, House, Optus, JAG, SABA, David Lawrence, Aquila, Peters of Kensington, Roger David, Tyroola. The great part about this si that looking in the shop directory the stores and their merchanidise is varied and some are larger retailers, while others are smaller boutique stores giving user a great variety.
If you are concerned about the security of afterpay, this is what their website says in regards to their safety:
Yes, we understand how important security is so we ensure that your personal information is protected. Afterpay is a PCI DSS Level 1 certified compliant Service