All about AfterPay for eCommerce
Updated: Mar 13, 2022
What is Afterpay?
AfterPay is a buy now, pay later payment. It helps fill the gap for people who can’t or won’t use a credit card while online shopping. It allows the consumers to purchase what they want and pay for it over a designated period of time (6 weeks, 3 months etc) with no interest penalties. It is the same idea as a layaway plan except Afterpay took the idea and made it better for retailers and consumers.
The payment platform is an intermediary between a retailer and the consumer. Once the consumer initiates the purchase, Afterpay pays the retailer the full amount, then the consumer pays the money back in said equal payments.
Why would an e-commerce business want to offer Afterpay?
Offering AfterPay Increases Sales - helps consumers get what they want without charging immediately is an excellent way to sell more and increase brand loyalty
Attracts New Consumers - It is always disheartening when shoppers leave the store because they can’t afford an item. Afterpay helps overcomes that challenge and allows the consumers to take him their purchase for only 25% of the payment which will open stores to bigger audience and make purchasing more accessible.
It’s easy to use -It is integrated right through the payment screen and there is no additional cost for the consumer to use this service. Would you consider adding AfterPay to your business?