Afterpay
Shop now, pay later in interest-free installments with no hidden fees.
Executive Summary
Afterpay is a buy now, pay later (BNPL) service offered by Block, primarily integrated with Cash App. It enables customers to pay for purchases in installments, typically through a 'Pay-in-4' model where payments are split into four interest-free installments. A core principle of Afterpay is consumer protection, ensuring that customers pay $0 in fees when payments are made on time, with only a single late fee applied for missed payments. Eligible Cash App customers can utilize Afterpay for online purchases at participating merchant sites and for qualifying past purchases made with their Cash App Card. Block's underlying credit models for Afterpay leverage near real-time financial data for eligibility assessment, moving beyond traditional, delayed credit bureau scores to foster responsible credit usage.
Use Cases
- Paying for online purchases in installments at partner merchant sites.
- Splitting the cost of eligible past Cash App Card purchases over time.
- Budgeting for larger purchases by breaking them into smaller, manageable payments.
- Shopping without immediate full payment, maintaining financial flexibility.
Features
Visibility
- Transparent Payment Schedules: Customers can easily view their upcoming payment due dates and amounts, ensuring clarity on their financial commitments.
Intelligence
- Dynamic Credit Assessment: Utilizes real-time financial data to make instant credit decisions, offering flexible payment options without impacting traditional credit scores.
Technical Specifications
- Deployment
- SaaS
- API Available
- Yes
Integrations
- Cash App
- Visa
- Square
Pricing
- Model
- Installment payments: Pay-in-4 with no interest or fees on-time; Pay-in-6 via Cash App Card with a clear finance fee; late fees apply for missed payments.
- Starting Price
- Contact sales
- Target Customer
- Consumers,Merchants
About block
Block, Inc. (formerly Square) is a technology company focused on financial services, building tools for merchants and consumers. Its ecosystem includes Square for point-of-sale and payment processing, Cash App for mobile payments and financial services, Afterpay for buy now, pay later, TIDAL for music streaming, Bitkey for bitcoin self-custody, Proto for decentralized bitcoin mining, and TBD for decentralized financial services.
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