Afterpay’s New Payment Solution Gives Customers More Ways to Pay Over The 2022 Holidays
Afterpay has today announced a new payment solution that will offer customer’s a new way to manage their purchases over the upcoming holiday period. As the economic challenges threaten to cause issues for this season’s annual holiday spending, Afterpay has introduced a new pay monthly solution to help customers better manage their financial outgoings.
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You can see the full announcement from Afterpay below:
Afterpay Launch New Solution To Help Shoppers This Holiday Season
“As shoppers start to prepare for the busy holiday season, they are looking for more ways than ever before to shop responsibly and budget for larger expenses. With inflation reaching a 40-year high, consumers have increasingly turned to Buy Now, Pay Later to manage their finances and budget for everyday purchases.
Unlike traditional credit or other BNPL providers, Afterpay’s platform is built to encourage responsible spending, with consumer safeguards that are fundamental to how Afterpay works – meaning customers can’t revolve into debt with expensive fees and interest.
Just in time for the holiday season, Afterpay is introducing its new payment solution to support merchants and customers alike. With Afterpay’s new monthly payment option, Afterpay customers can budget their money over a six or twelve-month period for purchases between $400 and $4,000 with consumer-friendly payment terms 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
Because this new solution is designed for purchases between $400 and $4,000, merchants can 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 for existing customers making online purchases, the monthly payment solution will be available for in-person purchases 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.
Since 2020, US consumer spending on BNPL has increased 660 percent. This is more than five times the rate of growth for debit card spending (43 percent) and credit card spending (8 percent).
Afterpay’s monthly payment option is offered in partnership with First Electronic Bank, Member FDIC. Merchants and shoppers can find more information about the monthly payment option here.
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Dave is a Co-Founder of eSeller365. For over 10 years he has been involved with eCommerce with a particular interest in the marketplaces and the huge opportunities available for sellers when utilizing a multi-channel strategy. After a year of being the UK’s youngest eCommerce consultant, he built an education platform called UnderstandingE that showed the world how to utilize Magento as the “Third Generation of Multi-Channel software”.
Dave has also created a YouTube channel dedicated to entrepreneurship and eCommerce as well as a podcast dedicated to mental health awareness. When Dave isn’t working his main interests include learning and playing Chess, researching the Crypto and NFT space, and trying to find the nearest beach.