What is Afterpay and why is everyone using it?

What is Afterpay and why is everyone using it?

Lifestyle

Afterpay is a payment method offered at the final checkout screen of your online purchase. As you buy a sofa or a dining table, Afterpay allows you to pay for your product through the distribution of the cost over a total of four installments. These installments are carried out every fortnight and can give you the feel of a credit card payment while being interest-free.

Most stores have begun investing in Afterpay as a legitimate payment option during checkout. Be it online or walk-in stores, Afterpay holds a large number of advantages and can be initiated with a simple link-up of your credit or debit card for payment. Stores like https://kingswarehouse.com.au/ offer a wide spectrum of products that you can buy with the help of Afterpay: Bed frames, pet products, office equipment, etc. However, before you choose Afterpay as your option for payment, it’s better to understand the reasons why you should do so.

From a business point of view, it helps attract customers that would have otherwise backed off due to the cost of your product. This allows you to generate more sales, whilst simultaneously gaining more customers.

From a customer-based point of view, the number of advantages are undoubtedly higher. While the main point of concern for a business is the increment of sales and the bringing in of new customers, the customer’s thread of concerns is comparatively much wider. However, Afterpay allows you to sweep away your concerns, as you are able to pay through 4 installments with no added costs. As good as a no-interest loan, think of Afterpay as the simple ability to pay over a longer period of time as compared to a normal payment. Besides this, it doesn’t affect your credit score at all. Afterpay does hold the authority of checking your credit score and adding in negative remarks if and when required, thus; as long as you take your precautions, there will be absolutely nothing you will need to worry about.

Moreover, Afterpay is convenient and easy to use. Even if you choose to make your account right now to go forward with a payment, you can do so in a total of 5 minutes. Sign up, fill in your respective details, and go shopping! With every fortnightly payment, you will be notified beforehand. This allows you to be aware of the payments as and when they’re cut off from your account. While avoiding late payments with the help of a reminder, you can maintain the balance of your bank account in order to avoid a late fee.

One of the best parts of Afterpay is the fact that anyone can use it. There are no credit checks performed for the same, and no other criteria that actually needs to be met. You can sign up, and go forward with your payments as long as you’re 18 and above. Generally, Afterpay is used more commonly by youngsters (for example, the age group of 18-36). The ease of after payments makes it easier for those living from salary to salary to pay for the products they want or need.

90% of Afterpay users use their debit cards and not their credit cards for payments. Since the installments can line up on your credit card all at once, it’s better to have a debit card since it can hold a negative impact on your credit score due to the build-up on your credit card’s balance. Overall, Afterpay can be a good choice of payment if you’re young and want to be able to buy your products with your own money, as long as you choose to use a debit card and limit the number of products you’re willing to purchase.

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