Afterpay

Afterpay: flexible payments at partner merchants

Afterpay is a payment platform integrated into numerous merchants that allows customers to purchase products and pay in installments. The service is available both for online purchases and in physical stores of partner brands. Customers can choose between paying in 4 interest-free installments or over 3, 6, 12, or 24 months, depending on the option selected at checkout.

How the service works

To use Afterpay, customers must register for the first time; returning users simply log in. During checkout, Afterpay is selected as the payment method. The company states that it does not charge late fees if paid on time, and that it sends reminders and caps late payments to help users stay on track. Some transactions may include a finance fee, and loans with a fee are underwritten and issued by First Electronic Bank. Loans without a fee for California residents are made or arranged pursuant to a California Finance Lenders Law license.

Requirements and conditions

To qualify, users must be at least 18 years old, reside in the United States, and meet additional eligibility criteria. The payment amounts shown are estimates that depend on eligibility and exclude taxes and shipping charges, which are added at checkout. The company offers a mobile app that, according to its presentation, has over 700,000 5-star reviews. The app includes deals, brands, and curated round-ups.

Availability and presence

Afterpay is available in the United States, Australia, New Zealand, the United Kingdom, and Canada (in English and French). The company is part of Block, Inc., a group that also includes Square, Cash App, TIDAL, Bitkey, Proto, and Spiral. Block, Inc. is described as a company that builds technology to increase access to the global economy. Afterpay US Services, LLC, is registered with NMLS ID 1870854.

Resources for merchants and investors

The platform offers resources for merchants, including a partner program and tools for retailers. For investors, Block, Inc. maintains an investor relations site with news, presentations, financial reports, and governance documents. The contact email for investor relations is ir@block.xyz.