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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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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.
For customers:
For merchants:
For customers:
For merchants:
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:
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.