Home > Finance > Advantages of Using Afterpay as Payment Option

Advantages of Using Afterpay as Payment Option

34 Views
Afterpay option d2bce3e4

Suppose you've ever needed to get out of a financial rut or had required the option of settling hefty fees over a reasonable period. In that case, Afterpay is the solution to your financial problems. With about 3.6 million active users and close to 8,000 retailers on board, the Afterpay payment service has emerged as an innovative way for shoppers to make better financial decisions.

Are you wondering whether or not Afterpay is a good idea this season? Here are a few benefits of using Afterpay as your desired payment option.

Quick setup process

Another benefit of using Afterpay as a payment option is that it's quick and easy to set up. Unlike hefty bank processes like loan collection that requires the filling of several forms, you can set up an Afterpay Gel  Blasters account in a couple of minutes.

Registration is similar to that of any other website, and you'd be required to:

        Provide a username and password

        Input your phone number

        Type in the verification code sent to your stated number

        Provide your name and date of birth

        Input your email address

And voila! You have successfully set up your Afterpay account, ready for use. No, you can start using Afterpay services the moment you sign up.

Buy now, pay later

The primary advantage of considering Afterpay when making purchases is because you can literally buy your product on the spot and pay for it later. So rather than get overwhelmed with hefty on-the-spot charges, Afterpay helps take the financial weight off your shoulders by breaking your fee into four installments to be deducted from your selected credit or debit card over a specific period.

Great payment option in online stores

Several retail stores across the U.K., New Zealand, Canada and Australia feature Afterpay as a payment option on their online platforms. And thanks to the system's seamless integration in online stores, Afterpay makes usability extremely easy and stress-free. Once you select Afterpay as your preferred payment option at the online checkout, you would be given a set of payment plan options, and you may choose which works best for you. After this, the system would help sort out the payment plan's details and send the payment schedule to your provided email address.

Zero interest fees

Credit cards can rack up to 20% interest on every purchase and can accumulate considerable debts in the long-run. However, by using Afterpay as your preferred payment option, you can evade interest fees altogether. That's right, Afterpay prides itself on offering customers zero-interest purchases! The only costs you have to handle are your purchased product and a $10 fee when you turn your payments in late.

Automatic payment plan

Afterpay does it's best to make usability as fluid as possible. Rather than manual breakdown your product price, Afterpay automatically splits your bill into four equal fortnightly payments. You will be mailed a copy of your payment schedule and be prompted before every credit or debit card deduction. Additionally, you have the option to settle each installment ahead of time.

A better alternative to credit cards

As mentioned earlier, Afterpay helps eliminate card debt by cutting out the interest fee on your financial transactions. Not only this, but you are charged absolutely nothing when setting up an Afterpay account. All in all, Afterpay serves as a great option if you wish to bypass hefty interest fees and hidden costs that are often associated with conventional credit or debit cards.

The offline option works as well

Besides being a handy-dandy option on online stores, Afterpay is also available and equally as effective in physical stores. All you have to do is access the barcode on your Afterpay account's homepage, scan your item at the counter, and like every other Afterpay transaction, the payment is processed accordingly. However, unlike the online option, you will be charged 25% of the item's cost at the register.

Refund policy is applicable

If you're worried about whether or not you can get a refund on your purchase, worry not. Depending on the individual store's policy, you can request a refund on your Afterpay transaction. Depending on if the request is approved, the store would notify Afterpay of your refund, and only then would you receive your money back from Afterpay.

Conclusion

And there you have it, a couple of advantages of using Afterpay as your preferred payment option. Whether you're tight on cash or trying to manage your financial situation better, Afterpay is a great option to help you do just that. To curb impulse buying habits better, it's best to plan your purchases ahead of time and get a clear idea of how much you'd be spending over the payment period. This way, you're able to get the bang for your buck while also holding the reins of your spending culture.

TAGS , ,
Sagar Mandan Sagar Mandan is HR and Content Editor at Techssocial. He has written and share many good and informative articles on various websites and niche like technology, web design, graphic design, marketing, business, social media, search engine optimization, etc. He loves to share knowledge and experience with his friends and colleagues.
Do NOT follow this link or you will be banned from the site!