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Buy Now Pay Later in Australia is rapidly replacing the traditional credit card for consumers. With easy accessibility and a 0% interest fee, why would you need that flimsy piece of plastic in your wallet anyway?

How does Buy Now Pay Later work?

This financial service allows you to make instore or online purchases and receive the product upfront, without paying the full price. Essentially, Buy Now Pay Later enables you to pay off the purchase price through instalments over time. As a consumer, your spending is flexible and as a merchant, you’re able to offer repayment plans to your customers. Not to mention, merchants receive payment in full, before the shopper has even paid off the order.

While this interest-free option isn’t like the traditional means of spending, there are still costs involved. This is why we have researched and compared the 3 Best Buy Now Pay Later in Australia for your referral below:

Buy Now Pay Later with Afterpay

Afterpay for Shoppers

  • No establishment fee and interest-free payments
  • Up to $1,500 limit with a credit card and only $500 with a debit card
  • Shoppers can pay the purchase price over four equal fortnightly payments
  • If the purchase is over $500 you must pay the first instalment upfront
  • $10 late fee, plus a further $7 late fee if shoppers haven’t paid for 7 days

Afterpay for Merchants

  • One of the largest customer bases for Buy Now Pay Later in Australia
  • Afterpay pays retailers in full up to 48 hours after the transaction is made
  • A flat fee of 30 cents and commission (approx. 4-6%) is charged per transaction

Buy Now Pay Later with ZipPay

ZipPay for Shoppers

  • No establishment fee and interest-free payments
  • Up to $1,000 spending limit
  • Payment is due at the end of the following month after the purchase date (max. 60 days)
  • Weekly, fortnightly or monthly payment options
  • If the minimum payment of $40 is late for that month a $5 late fee is charged
  • $6 monthly fee when there are outstanding payments

ZipPay for Merchants

  • Paid every day at 4 pm
  • 5% merchant fee is charged per transaction + $0.30 for new merchants

Buy Now Pay Later with PayItLater

Pay It Later for Shoppers

  • No establishment fee and interest-free payments
  • Up to $1,000 spending limit online and instore
  • On the spot credit approval with no long forms
  • Shoppers can pay the purchase price over four weekly payments so you can get back to shopping
  • $10 late fee, plus a further $10 late fee if the shopper hasn’t paid for 7 days
  • Only a maximum of $60 worth of late fees
  • Gain access to exclusive deals from our trusted Merchants

Pay It Later for Merchants

  • Under 24 hour approval, no joining fees and easy to install
  • Payment received within 7 business days of the transaction
  • Competitive, fixed and variable rates, with no additional fees

As a merchant, having more than one Buy Now Pay Later service, will lower your cart abandonment and increase overall sales. Signing up for Pay It Later is free and is a fantastic way to reach and convert new shoppers. So, what have you got to lose?

Now that we’ve given you the rundown of the 3 best Buy Now Pay Later in Australia, next time you’re purchasing online or instore, ditch the cards and Pay It Later with Buy Now Pay Later.

Buy Now Pay Later in Australia

Michele Jordaan
Author: Michele Jordaan