![]() ![]() $10 late payment fee per instalment, plus a further $7 if the payment is a week overdue.Following the check, Afterpay says these transactions will be voided so customers are not charged.Īfterpay says it does not do credit checks or report late payments. It also says it sometimes carries out a “pre-authorisation check” by taking a small amount from a customer’s account – up to the value of your first instalment plus 1 cent for online purchases and up to 25% of the value of an in-store barcode plus 1 cent – to make sure the customer’s nominated repayment card is working. You can set up the Afterpay Card through the Afterpay app.įor both online and in-store transactions, Afterpay says it takes the first repayment (usually 25% of the total purchase price) from customers at the time of purchase, and the remainder every two weeks after that. Shop in-store: Tap and pay with your Afterpay Card using Apple Pay, Google Pay or Samsung Pay. Shop online: Choose Afterpay as your payment method at the checkout. How does Afterpay work?Īfterpay allows users to pay in four evenly-split, interest-free instalments over six weeks, starting at the time of purchase. Afterpay also offers Money by Afterpay, an app that delivers savings and transaction accounts backed by Westpac. It allows customers to buy a product in-store or online immediately and pay for it in interest-free fortnightly instalments. Source: Wayhome studio/Īfterpay is Australia’s largest BNPL platform and is widely regarded as the industry pioneer. If you don’t have enough money in your account at the time of the payment deduction, your bank may also charge you an overdraft fee, or interest if you are paying by credit card. Payment processing fee: some providers also charge a fee for each payment you make.Establishment fees: some providers charge a fee to set up your account.In some cases it will be waived if you have no outstanding account balance. Monthly fees: some providers charge a fixed monthly fee (sometimes called an account-keeping fee), up to $8 a month.This type of fee generally ranges from $5 to $15 per missed instalment, and some providers put caps on the amount you can be charged. ![]()
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