Additional Payment Gateway option for Shopping Carts
Afterpay is the modern day of the layby, but unlike the old laybys, you can get delivery of your purchase right away. Afterpay allows shoppers to pay for items in four simple instalments and you the merchant to be paid immediately.
What it mean for the Ecommerce Merchant
- An increase in conversions: Helps you get customers that may not have made a purchase due to cost.
- Increase in Average $ spend: Helps your customers spend more, as it removes the need to pay for it all upfront
- Overall increases sales revenue
- Zero fraud or credit risk. Afterpay assumes all end-customer non-payment risks for every transaction
- Doesn't cost your customer any more money. No interest. Fees only appear if their automatic payment is unsuccessful.
How it works
Like any checkout process, your client selects their preferred payment method (often our e-commerce clients have the standard Visa, Mastercard as well through another payment gateway provider eg. Paypal).
Then, the site will send your customers off to Afterpay to organise the payments, over four equal instalments with their nominated debit or credit card. This process is simple with no lengthy forms and best of all they will get instantly approved.
Afterpay makes money by charging:
- Retailers a fee for use of the Afterpay payment platform
- Customers late fees if they don't pay their instalments on time.
Other popular questions:
- Is it trustworthy: Hundreds of the top retailers are using it online here in Australia and overseas. Cue, Country Road, OfficeWorks, Adairs, Booktopia (see a merchant list here)
- What Cards do they accept: At present Mastercard and Visa credit and debit cards.
- Is there a purchase limit: For debit cards, the maximum you can spend is $500. In regards to credit cards, Afterpay calculates a limit based on what it knows about your account (NB/ After pay does not have access to your credit history)
- What are the Late payment fees: $10 Late payment fee, and $7 on top of this if you still haven't paid it in a week. (as at May 2017)
If you are keen to get Afterpay running on your website through your Bloomtools Shopping Cart, please call your Bloomtools consultant as we are a certified Afterpay e-commerce provider and can connect quickly to your Afterpay account, as well as 7 other major Australian Payment Gateways.
|Tags: News Ecommerce|