Afterpay now available for Australia customers

[adam]

After receiving many requests from visitors, we have added Afterpay as a payment option.

It is available now in the Checkout.

[DarkMark]

Hi folks,
I don’t actually know what after pay is. Would someone enlighten me?
Thanks in advance.

[Dedman]

After you get your pay, you send it all to Adam.

It's a time payment thing I beleive

[Simon Barden]

Afterpay web site

[Mr.Drifter]

This is great news, and also bad news.

Guess that means it's time to build a thinline strat, and get all the goodies

[Fretworn]

In the olden days we would have called it hire purchase. They’ve just tightened up the repayment terms.

[wazkelly]

Good and Bad news......After Pay is just a new age Lay By for those who don't have a credit card and if managed well it might be ok....that is until you apply for credit for big things like a house or even a car.

How do I know? I am a qualified Finance Broker and deal with this stuff every day and most banks and major finance companies have a dim view of After Pay & Zip Money and tend to think it smacks of desperation, impulse purchasing, etc from those who cannot manage their finances. Not quote as bad as using pay day lenders such as Cash Converters, Nimble & Wallet Wizard but in the same post code so to speak. By no means is this my personal opinion, merely facts as can be readily found in local press, particularly with all the Banking Royal Commission sins that have been broadcast lately.

So what is the solution or better way to go? Get yourself a credit card and manage it properly as the monthly payment history is visible on your Equifax Credit File, and if paid on time is a good thing.

The current credit squeeze is only going to get tougher with many home lenders looking to obtaining past 90 days history on all bank and credit card accounts so they can determine true affordability. I have also been informed that Toyota Finance has started doing the same for assessing car loans too. Not sure how long before this becomes the norm across all lenders. I truly hope not as it is becoming too hard already for many folks who were a walk up start not so long ago.

Sometimes it feels like lenders are looking for reasons to decline rather than approve an application and it all comes down to the greater regulatory scrutiny they are under nowadays. Throw in the odd After Pay and Zip Money which brings up a lot of questions as to what was purchased and why (invasion of privacy? perhaps?) and whether an ongoing commitment and you might just start to see the bigger picture from their perspective.

There are also government ministers and bureaucrats seeking an investigation into After Pay and the way they conduct their business in relation to Responsible Lending Act so the level of scrutiny will only intensify.

As a merchant, PBG has nothing to really worry about other than the fee charged by After Pay.

For end users the finance game has changed and will continue to change. Even more so if we end up with a change in government at next federal election.

[king casey]

Back in the dim dark past a finance consultant urged me to take out a loan in order to establish a credit 'rating'.
I had to consecutively reduce the amount applied for as each application was rejected.

My balance was going up and down was the reason.

It was pointed out that I would conscientiously save up for something and then buy it.
Rather than view this as a responsible approach, I was regarded a 'financial leper'.

cheers, Mark.

[wazkelly]

Check out this recent article...... "Afterpay must be regulated, consumer groups warn"

https://www.smh.com.au/politics/fede...11-p50qtm.html

Just the tip of the iceberg.

[adam]

Hey Waz, thanks for your input, from your professional perspective. I remember your helpful insight when I brought up Afterpay last year. You might recall I was against it, on the principle of getting financially trapped as a youngster (which happened to me with "Hire purchase" in the 80's), so my position was not to offer it.

Subsequently, too many potential customers have asked for it, so I did yield. My competition offers Afterpay (or ZipPay), so it would be kinda foolish to not at least have it available.

My compromise... you might notice it doesn't appear on every product, or every product category page. In fact, you can only see it if you get the Checkout, so there's no impulse "buy now pay later" temptation. You will only notice Afterpay when you've committed to purchase.

Thanks to Darren for customising the Afterpay setup; which, as he said, made our site look very "Spammy".

Check out this recent article...... "Afterpay must be regulated, consumer groups warn"

https://www.smh.com.au/politics/fede...11-p50qtm.html

Just the tip of the iceberg.