Afterpay

Afterpay is a buy now, pay later (BNPL) service owned by Square, which provides customers with the option to purchase items and pay for them in installments over a six-month period. This short-term financing solution is designed to make shopping more manageable by breaking down the total cost of purchases into smaller, more manageable payments. If customers adhere to the payment schedule and make all their payments on time, they incur no additional fees or interest charges. Instead, Afterpay generates revenue by charging merchants a percentage of the transaction amount. This model benefits both consumers, who can afford purchases without immediate full payments, and merchants, who potentially increase their sales by offering flexible payment options.