Afterpay and Paypal work as payment processing and transactions but the two are entirely different companies and offer different ways to pay when you shop. As of early 2019, Afterpay had over 4 million registered users worldwide and like PayPal, Afterpay rose to fame in Australia as well. These days around 10% of all eCommerce in Australia is processed through the Afterpay platform according to the NAB Online Retail Sales Index December 2018, which is an excellent position to be in.
Afterpay is attracting an impressive amount of the future key spending generation – around 27% of Australian ‘millennials’ are apparently Afterpay customers. The company has been growing very impressively, even after years of rapid growth. In a somewhat ironic development, the company is growing its revenue from in-store point of sale with around 20% of Australia and New Zealand’s gross merchandise volume from in-store.
Afterpay said that in the 11 months to 31 May 2019 the company achieved underlying sales of $4.7 billion, representing growth of 143%. It has over 4.3 million active customers with 30,600 active merchants.
Like Paypal you first need to have an account with Afterpay Australia
But as the name suggests you don’t need to pay at once for your shopping but pay later.
Like PayPal AfterPay is also all secure to use. Afterpay is a PCI DSS Level 1 certified compliant Service Provider organisation. PCI DSS is a comprehensive set of requirements created by the Payment Card Industry Security Standards Council to enhance cardholder data security and to ensure the safe handling and storage of sensitive credit card information and data. This is the highest level of security in the payment industry.
You can make a purchase with one of your favorite stores found in the Shop Directory, simply choose Afterpay as your payment method at checkout. If it’s your first time using Afterpay, you will provide payment details as usual to complete your purchase.
Once your first order is approved, your Afterpay account is created. All you need to do is visit www.afterpay.com to set up a password, and you will be able to make more purchases using Afterpay by simply entering your log in details upon checkout.
The unique thing is that unlike PayPal it offers installment scheme to pay and shop online.
Note that Australian online casinos do not offer AfterPay services to pokies players, but there are Paypal pokies and Paypal casinos to use.
You can also download the AfterPay app and get going with your online transactions even on the go.
Afterpay Touch is the owner of the popular “buy now, pay later” app.
Afterpay revealed that in less than 10 months it had signed up more than 1,100 dental and optical practices in Australia such as Specsavers and National Dental Care. It’s also looking towards pharmacy and the ‘travel’ segment.
Afterpay said that its customers are providing feedback saying that’s service allows them to get access to the treatment they need as more Australians opt out of private health cover.
PayPal Credit & Afterpay both offer great payment plan options though there are a few differences between the programs that are worth outlining:
PayPal Credit offers a 6-month interest-free time period to pay your balance. For example, payments on a $399 order could be split into 6 equal payments of $66.50 per month or one could pay the minimum for 4 months and the entire balance on month,
PayPal monthly payment amounts are really up to you Afterpay breaks the total down into 4 equal payments over 6 weeks- the first being due at checkout For example, payments on a $399 order would be split into 4 payments of $99.75- with the first payment being due at checkout, and 3 additional payments of $99.75 due every two weeks following purchase.
PayPal Credit requires a traditional application using your social security number and provides an approval for a total $ limit. This is almost like a digital credit card. Afterpay does not require any type of credit check or application. You must have a valid and verifiable email address and mobile number, be an adult resident and have a credit or debit card in your name