Afterpay introduces new monthly payment solution
Afterpay, a leader in “Buy Now, Pay Later” payments, today introduced a new payment solution that give consumers more choice, flexibility and time to pay, with transparent terms to support responsible spending – just in time for the busy holiday shopping season.
Consumers who select Afterpay’s monthly payment option can budget their money over a six or twelve month period for purchases between $400 and $4,000 with consumer-friendly payment terms, including no late fees and no compounding interest with a cap on total interest owed.
Designed for purchases between $400 and $4,000, merchants can now offer Afterpay for more items in more categories without paying additional transaction fees or integration costs – while benefiting from new customer growth, increased sales, and higher average order values. Initially offered to existing customers making online purchases, the monthly payment solution will be available for in-person purchases in 2023.
“Our new offering is a natural extension of the Afterpay experience – giving customers a new way to take more control and have more choice in the way they pay,” said Lee Hatton, head of Cash App Asia Pacific. “We look forward to supporting customers with yet another smart budgeting tool.”
Starting today consumers can use Afterpay’s monthly payment option at US merchant websites including Bellacor.com, EyeBuyDirect, FWRD, and Your Mechanic among others, with additional merchant partners coming soon. The company plans to extend the offering to merchants outside the U.S. in 2023.