AfterPay
With the opening of one of the new stores “OnioBtq” last week, we noticed that the AfterPay system is now on our doorstep so to speak. For those that have not come across it, AfterPay is a buy now, take the goods and pay later system.
ie a $100 purchase will be paid in 4 x $25 payments. Afterpay splits the total order amount into four equal payments and will charge the customer’s card on a fortnightly basis.
Essentially it is the “layby” system that has been around for decades but you take home what you pay for and it is electronic. Brilliant really, and I wish was one of those people that bought shares in AfterPay when the company floated last year I think.
We have done some research and have seen figures quoted that confirm that the AferPay system helps build sales both online and in-store.
The other buy now pay later (BNPL) system we have seen is ZipPay.
With the Zip Pay system, you can choose your own re-payment amounts and looks like the fees are lower.
Either way, if its ZipPay or AfterPay, giving your customers the freedom to choose their payment method is just another way to build loyal customers and grow your business.
ZipPay
