Increase your financial freedom with an alternative buy now pay later solution for buyers and merchants.

PayItLater is a buy now pay later option for shoppers looking to get their purchases right away but pay for them over a more manageable period of time, and for merchants looking to increase their sales by offering their customers a 0% interest payment plan.

Interest-free payment plans are becoming increasingly popular in Australia and it could be the case that some of the smaller providers offer a better fit for you or your business than the industry giants. Find out here if PayItLater could be right for your needs.

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Product NamePayItLater
Interest Rate TypeFixed

How does PayItLater work?

PayItLater, like most buy now pay later providers, allows customers the freedom to make purchases through their payment portal and receive their items right away, but pay for them over time. PayItLater does not charge interest to buyers, but makes its money through charging a percentage-based transaction fee to merchants for each payment made through PayItLater.

For customers:

PayItLater is free to use for customers, as long as repayments are made on time. Customers are not charged interest on transactions. Repayments are split into four parts paid over a four-week period.

To sign up for PayItLater customers can simply choose it as an option at checkout and fill in their details for an instant approval service.

For merchants:

Customers are generally more inclined to spend more with a store that offers an interest-free buy now pay later solution. PayItLater also claims to help increase conversions and re-orders for merchants.

Merchants must pay transaction fees with every purchase made through the PayItLater platform. These transaction fees consist of a small flat-rate transaction fee and a percentage fee calculated on the transaction. The percentage you're charged may also be based on the average monthly sales of your business or other business data.

Features of PayItLater

For customers:

  • No interest ever. PayItLater will never charge interest on payments made through its platform.
  • Quick approval. Customers that meet the eligibility criteria can expect instant approval with PayItLater.
  • Refunds available. PayItLater offers a 60-day refund service if there is an issue with any items purchased through the platform.
  • Direct debit payments. Payments will be automatically deducted from buyers' nominated bank accounts.
  • Ever-growing merchant base. From organic produce to hair and beauty, there's an ever-growing list of companies partnered with PayItLater.

For merchants:

  • 24-hour turnaround. Once you've applied, you can be selling live with PayItLater in just 24 hours.
  • Integrates with your ecommerce platform. PayItLater integrates with Shopify, WooCommerce and OpenCart using a straightforward plugin – no developer help required.
  • Same-day payment. You will receive the full upfront cost of any purchases made through PayItlLater, minus transaction fees.
  • Fraud protection. PayItLater has sophisticated algorithms to detect and reject fraudulent buyers.
  • 60-day returns policy. After 60 days, any returns must be made between the customer and the buyer directly. Prior to the 60-day cut-off, PayItLater manages all refunds.

How much does PayItLater cost?

For customers:

  • $10 late payment fee. If a buyer misses a payment because there are insufficient funds in the nominated account, they will be charged a $10 late payment fee. The transaction will be reattempted in seven days and a further $10 will be applied if sufficient funds are still unavailable. Buyers who continue to miss payments may be restricted from using the service.

For merchants:

  • Flat-rate transaction fee. This is a small fee charged on every transaction made through PayItLater.
  • Percentage-based transaction fee. You will also be charged a percentage of the transaction.

How to apply

For customers

If you're a customer, applying for PayItLater is easy. Simply choose "PayItLater" at the checkout of your favourite partnered merchant. You can find these merchants by clicking "Go to site". You must be 18 years of age or older to apply.

Please note: In order to verify that you're able to meet repayments, PayItLater may check your credit score or identity through a third party. It may also pre-authorise your nominated debit or credit card by processing a transaction to check you have certain funds available (this will be immediately refunded).

For merchants

If you're a merchant, simply click "Go to site" and fill in your business data. You will need:

  • Your name
  • Your business's name
  • Your ABN/ACN
  • Your store URL
  • Your phone number
  • Your email address

Once you've submitted an application as a merchant, a member of the PayItLater team will be in contact with you within 24–48 hours to discuss terms.

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