ALBANY, N.Y. (NEWS10)- Afterpay allows customers to purchase items and make four installment payments without paying interest. The buy now, pay later service is available at popular retailers including Target, Foot Locker, Sephora, and a slew of other stores, according to Afterpay’s website.
Customers planning on using Afterpay should plan to do so within the next couple of weeks. The company named November 19 “Done Day,” or the day when Afterpay users should finish their holiday shopping.
Afterpay said their service is available at almost 100,000 retailers and that close to 20 million customers in North America have used the service. While Afterpay allows consumers to pay in installments with no interest rate, it does charge users for late payments.
A late fee is accessed to accounts not up to date with payments. Afterpay said overdue accounts will be suspended, preventing consumers from using it to pay for other items, on its website.
“The holidays can be both emotionally and financially overwhelming,” said Trae Bodge, Afterpay brand ambassador. “To get ahead of the last-minute scramble and to ensure a sense of financial wellness by year’s end, shoppers should begin to shop now and use budgeting tools. To the consumers’ benefit, retailers have already begun to promote holiday deals; presenting plentiful opportunities to save money as we get a jumpstart on holiday shopping.”
Afterpay conducted its own holiday shopping survey and found that 50% of consumers have started shopping early to make sure they get the items they want and that they arrive on time. They also found that one in four shoppers plan on using a buy now, pay later service.
- One out of four holiday shoppers get stressed or overwhelmed by spending
- 40% of Gen Zer’s plan to avoid overspending by shopping early
- 64% of holiday shoppers are looking for deals
- 44% have already started their shopping
- 39% plan to finish shopping by Thanksgiving
- 36% are setting a strict budget for holiday spending
- 37% will set holiday spending limits with friends and family