The surge for opting out for after pay payments model is on a rise in Australia. As we know Australians are very keen on shopping online but with a revival of this modified lay-by payment model, things at the e-commerce front have changed exponentially. As per the Choice report, more than 1.8 million Aussies had been using after pay in Feb 2018, revving up the monetary transactions to more than $1.5 billion across 12000 outlets. This indicates the immense popularity of after pay stores in Australia.
If we dig deep into the after pay business model of Factory Buys in Australia then with an online display of over 2000 consumer product SKUs, this revolutionary system lets the clients ‘buy now and pay later’. The consumer can choose the fortnightly instalment option at the checkout and with a simple input of transaction details, the retailer will automatically deduct the due instalment. A consumer would also have a choice of choosing its instalment plan. Just a simple tweak in payment method has given Factory Bus an add-on attraction for consumers. It is now one of the fastest growing online retail stores in Australia.
Due to its ease for consumers both online and offline as well as an innovative approach towards e-commerce, Afterpay also received FinTech organization of the year award in 2017.
However, this technology is not ubiquitous and incorporated by online and offline retailers that rapidly despite being liked by many. Same is the response at the consumer end due to either lack of awareness or never-tried-before reluctance.
Advantages of Afterpay
Afterpay online store lures consumers towards it due to a range of benefits it offers to them. The most enticing one is no interest fees in addition to many others given below:
While shopping online when you would opt out for after pay option then a signup menu will appear which would be simpler and instant. For example, it will ask for your phone number, payment details, and address, that’s it! No bulky forms are required to be filled in this process like the one we do while applying for a loan.
Integration with Factory Bus
Another advantage of using Afterpay at Factory Buys is, it is fully integrated with the online store. When a consumer checks at the after pay while making a purchase, the system will automatically choose options of instalment plan for you which you will receive in your mailbox. Similarly, you will not have to keep track of any of your complex transactions as the integrated system of afterpay online shopping will do the job for you itself.
Interest-Free Payment Methods
The most lucrative reason to buy from afterpay online websites is, the consumer can get the product while making the interest free instalment payments later. However, if you do not pay or pay late than the schedule then you will be charged with a late payment fee. Also, it is open to all consumers and does not require hefty application processes to be eligible for its usability.
Seamless & Automated Payment Framework
Afterpay has been accepting visa and master cards, it automatically splits the payment into 4 fortnightly payments and sends the plan to you to choose from. This will help you in keeping your account prepared for the timely instalment payments. You can also choose to pay ahead of the due date if you choose to do so. This approach removes the complex need of keeping track of the outflow of payments from your bank account as every transaction is seamless and automated.
Refund Process Stays Intact
Those people who do not buy from afterpay online stores because they think, doing so would hinder their right to refunding the item. Just be sure that it does not happen in the after pay methods rather your right to refund stays as intact as it is for those opting out for regular payment methods.
Alternative to Credit Card
Afterpay purchase option could be a good alternative to credit card purchases because there are no interest fees. However, one should still stay within the limit of what one can afford despite going for purchase from afterpay online store.