An overview of Afterpay services

1. An overview of Afterpay services penzu.com/public/64a7582f A 'buy now, pay later' (BNPL) platform, Afterpay allows you to purchase something now, receive your goods shortly afterward, and pay for them in fortnightly instalments. Even though BNPL schemes such as Afterpay tools are steadily growing, consumer groups, including CHOICE, are raising concerns about the financial risks involved. Layby may be framed as a modern twist on traditional layby, but it is really another form of credit. What Afterpay is all about? Afterpay acts as an intermediary between retailers and consumers. Retailers are paid upfront by Afterpay - and then customers pay Afterpay back. Even though you will get immediate gratification from your purchase, you will need to make eight fortnightly payments. All payments are interest-free and of equal value. In spite of the fact that Afterpay does not charge interest, it does charge fees to merchants who offer the service, as well as late fees to customers who don't keep up with payments. Afterpay does not require customers to apply for a loan or credit facility, unlike many other payment products. For the consumer, this might seem like a positive, but it actually means there are fewer consumer protections. Afterpay users reported difficulty meeting payments one out of six times. When those seemingly small repayments are combined with immediate gratification, the temptation can be excessive. What is the Afterpay process? 1. The sign-up process:- You must first sign up for an Afterpay account on their website or app. Applicants must be 18 years of age and possess a valid credit or debit card, issued by Visa or Master card. Participants must also be able to legally bind themselves. Sign up using a verifiable email address and phone number, as well as your ID to avoid creating multiple accounts. By signing in to the Afterpay app, you are able to use the Afterpay option at checkout, if offered by the retailer. 2. The process of creating a bar code:- 1/2

2. You can generate a temporary bar code showing your available spend once you've signed in. That bar code is scanned at the register when you make your purchase. (Only available at certain retailers.) If Afterpay runs a pre-authorization check on your card, they can prevent you from making the initial 25% payment, and they will run that check-up to the amount of your first installment. The remainder of the payments are to be made by you on time so you don't get charged late fees. 3.Payments:- The Afterpay website or app allows you to make payments through your account. During the due date period, you can make payments automatically or manually. Afterpay does not accept BPay, bank transfers, or pre-paid cards as payment methods. Is it possible to purchase gift cards with Afterpay? You can use Afterpay to buy a gift card from some stores, but not all of them will let you use it. The Afterpay website allows you to purchase gift cards for over 60 retailers. Is Afterpay accepted at the chemist? Sure. Some pharmacies, such as Chemist Warehouse and Chemist Direct, now offer Afterpay for online purchases. Several pharmacies accept Afterpay in-store. 2/2