Afterpay’s New Payments Solution Gives Customers More Ways to Pay During Holiday 2022

Afterpay today announced a new payment solution that will offer customers a new way to manage their purchases during the upcoming holiday season. As economic challenges threaten to cause problems for this season’s annual vacation spending, Afterpay has introduced a new monthly payment solution to help customers better manage their financial expenses.

You can see Afterpay’s full announcement below:

Afterpay launches new solution to help shoppers this holiday season

“As shoppers begin to prepare for the busy holiday season, they are looking more than ever for ways to shop responsibly and plan for greater spending. With inflation reaching its highest level in 40 years, consumers are increasingly turning to Buy Now, Pay Later to manage their finances and budget for everyday purchases.

Unlike traditional credit grantors or other BNPL providers, Afterpay’s platform is designed to encourage responsible spending, with safeguards for consumers that are fundamental to the operation of Afterpay – meaning that customers cannot go into debt with expensive fees and interest.

Just in time for the holiday season, Afterpay presents its new payment solution to help merchants and customers. 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 convenient payment terms, including:

  • No late fees
  • No compound interest with a cap on total interest due
  • A clear view of what is owed at the time of purchase that will not increase during 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 or integration fees, while still benefiting from growth in new customers, increased sales and increased average order value. Initially offered to existing customers making purchases online, 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. Designed from the ground up to help consumers pay responsibly, over 98% of Afterpay transactions never incur late fees and over 90% of Afterpay transactions are paid with a debit card.

Since 2020, U.S. consumer spending on BNPL has increased 660%. This is more than five times the growth rate of debit card spending (43%) and credit card spending (8%).

Afterpay’s monthly payment option is offered in partnership with First Electronic Bank, Member FDIC. Merchants and buyers can find more information about the monthly payment option here.

Connect with us and other small business owners

Please go to our Facebook group for small business sellers and interact with other small business owners.

Follow us on Facebook, Twitterand LinkedIn to stay up to date with news and business information relevant to your online business.

Subscribe to our newsletter

Business prospects for your business online Presented with a touch of humor

We do not share your information and you can unsubscribe at any time.

About Matthew R. Dailey

Check Also

The Benefits of a Hosted Payment Page and Why Business Owners Should Have One

As technology advances, new forms of payment emerge, and one of the most popular is …