Afterpay

[adam]

Thanks for all the replies.

...

I purchased 7 guitars from pitbull in last 12 months... If afterpay was an option that number would at least be double.

Hey Infsub, I hope you don't mind that I looked up your details to check you weren't spruiking for one of the Afterpay companies.

Yes, you are indeed a valued customer and we have spoken many times on email. I thank you for your repeat business.

I think you are the epitome of the "responsible buyer" I mentioned.

[Infsub]

Thanks Adam. Haha no way am I linked to any financial institution. I am just addicted to building and playing guitars.

Yeah I have posted pics of some builds under my introduction via a hosting site.

My afterpay suggestion was just that. I plan on building and giving away several guitars for x mas and paying them off over a month without having to wait sounded good. (also a couple for myself)

I do have a credit card with a very high limit that I could use but I don't like to use credit cards.
When all is said and done I am just a typical Scotsman and don't like to spend money all in one hit although it is within my means and I am spending up big upgrading my home studio.

[teamjeffo]

Thanks Adam. Haha no way am I linked to any financial institution. I am just addicted to building and playing guitars.

Yeah I have posted pics of some builds under my introduction via a hosting site.

My afterpay suggestion was just that. I plan on building and giving away several guitars for x mas and paying them off over a month without having to wait sounded good. (also a couple for myself)

I do have a credit card with a very high limit that I could use but I don't like to use credit cards.
When all is said and done I am just a typical Scotsman and don't like to spend money all in one hit although it is within my means and I am spending up big upgrading my home studio.

Ha! My wife’s Scottish and she has no problem spending all our money at once!

[adam]

Thanks Adam. Haha no way am I linked to any financial institution. I am just addicted to building and playing guitars.
...
When all is said and done I am just a typical Scotsman and don't like to spend money all in one hit although it is within my means and I am spending up big upgrading my home studio.

I can relate, my nickname when I lived in Melbourne, years ago, was "Scotty"... for similar reasons.

I think an AfterPay type facility would be great for this business and for customers like yourself, but it does concern me that it will trap some younger buyers and cause them hardship down the track.

Will give it some more thought.

[Mr.Drifter]

I can relate, my nickname when I lived in Melbourne, years ago, was "Scotty"... for similar reasons.

I think an AfterPay type facility would be great for this business and for customers like yourself, but it does concern me that it will trap some younger buyers and cause them hardship down the track.

Will give it some more thought.

Might be worth talking to the people, and if you do decide to go through with it, put up some warnings on it (if they let you), so poeple know what they're getting into.
Especially stuff like the lump interest you get slapped if you don't pay it off before the due date, and what not. Of which those things aren't hidden, but aren't that easy to find for some. But, there is one that's limited to a small amount, which you could possibly talk to them and make it like $400 or something max, so they can only get one kit, and it's a small amount to pay back or something

[Infsub]

The way it works is 4x fortnightly payments. So 25 a week for $200. If paid off in two months there is no more to pay if not paid off in 2 months there is a five dollar fee for each month the balance is outstanding.
So it is not like ge money or any hire purchase deal. They don't ask for pay slips or bank balances or any financial details. It is essentially lay-by but you get the goods right away. It is limited to 200 dollars on first purchase then 500 dollars on future purchases.

www.afterpay.com has all the info.

[adam]

That all sounds pretty reasonable Infsub, I'll check it out more closely.

[Dedman]

So , how does Afterpay make money then? Making $5 a month if someone doesn't repay on time and nothing if they do is a poor investment of their money.
Is curious.

[adam]

So , how does Afterpay make money then? Making $5 a month if someone doesn't repay on time and nothing if they do is a poor investment of their money.
Is curious.

I imagine they take a percentage "fee" from the seller, as does PayPal and ANZ eGate.

[christodav]

ZipPay only allows up to $1000- of credit to the customer. The minimum repayments are $40 p/m and there is a $5- per month account keeping fee which is charged on the 1st of every month. It is interest free to the customer forever provided they pay the $40- per month or more. The seller is charged around 1.5% I believe. The purchaser only needs to be over 18 and have a Paypal or Facebook account to be approved. (Zip Money is a traditional 6 months interest free product.)

Personally, I would rather purchase using a Zip Pay type product over a credit card.

I only know about this as I work at a major retailer who has recently taken on these products. I think Zip Pay would work well on your site. I don't know anything about any other products such as Afterpay.

Chris