In the 21st century, the world is going digital. The most important aspect of our lives and the lifeline of every country in the world- the economy, is going online, too, thanks to digital payment systems.
Many different payment systems and apps are available on Playstore and iOS, which contributes to the online payment system and help us transfer money digitally.
Among them is a huge rising competition named Afterpay. Afterpay is an Australian financial technology company that provides a flexible option of ‘buy now, pay later.’ It has over 16 million active customers and over 100,000 merchants using it daily.
How to pay on afterpay using Venmo?
Many users who use both Venmo and afterpay would like to pay using their Venmo app on the afterpay platform, and a question irks their mind- how to pay on afterpay using Venmo?
The question should rather be, can you pay on afterpay using Venmo?
The answer to the latter question is No. Unfortunately, you cannot pay on afterpay using Venmo currently. As of August 2022, afterpay only accepts Mastercard and visa credit and debit cards issued in the United States.
Afterpay prohibits using foreign debit, credit card, or prepaid cards.
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What card does afterpay accept?
Paying by Mastercard or Visa card (credit and debit) is accepted by Afterpay. It also accepts bank checking accounts. If you want to pay using prepaid cards, you will have to do it manually, as afterpay does not save them for you.
They do not accept savings accounts or credit or debit cards from overseas banks.
However, if you do use their services, you will still be liable and subject to the terms and conditions of the bank that issued you the card in the first place. It also includes any applicable and withstanding finance fees that may apply.
Also, when you use your card, you may not be eligible for certain rewards, features, and benefits and may not receive them. Those perks include additional points or cashback. It may vary; for more information, you should contact your card issuer.
Afterpay payments method
The Australian company Afterpay takes pride in its motto – ‘buy now, pay later.’ This can be regarded as afterpay payment system, but let us understand it more thoroughly.
Afterpay gives customers the freedom to pay whenever and however they want, all according to their comfort and convenience.
They do this to make the customer’s checkout experience after purchasing something on their mobile phone as smooth as possible.
This ‘buy now, pay later service provided by afterpay gives the customer the smoothest possible checkout experience.
The afterpay payment system consists of two payment alternatives: invoice and part payment. Each alternative provides different and unique options.
Invoice –
- 14-day invoice.
- campaign invoice.
- consolidated invoice.
Part-payment-
- Fixed installment.
- Flex payment.
Invoice
Afterpay’s customers who choose the invoice option are subject to payment terms predefined to pay the invoice and are expected to pay the entirety of the purchase amount on the invoice due date. Keep in mind that the due date on the invoice is based on the dispatched date of goods and not the actual due date.
1) 14-day invoice.
As the name suggests, the 14-day invoice is an option wherein the customer pays for the goods purchased 14 days after the purchase date, so they get enough time to experience the goods before paying.
The 14-day invoice is the most popular type of payment on the platform due to the hefty perk it provides. The full purchase amount is to be paid by the due date positively.
2) Campaign invoice
This type of invoice is best suited for merchants on the platform. Here, merchants can set up campaigns where the market rush would be significantly higher- for example, on Christmas and Halloween.
Merchants can set up different campaigns through different sets of agreements best suited for them. Also, they can benefit from this type of invoice through the standard campaigns which Afterpay offers. All campaigns can be retrieved by calling the Afterpay API.
A great example of the same would be-
A merchant sets up two different campaigns on the occasion of Christmas. The first campaign would read, ‘Buy now, pay on January 1st,’ while the second would read, ‘Buy now, pay after 30 days.’ In both campaigns, payments must be made on or before the specified due date or period.
3) Consolidated invoice
This service is to provide relief to customers who are regular shoppers and, for them going through the checkout process every time can be but a hassle. To help them out, afterpay ‘consolidates’ All these purchases into one single invoice. They can be weekly or even monthly (the most commonly used consolidated invoice.)
The actual dates of the invoice may vary, and the payment terms of 14 days from the date on which the consolidated invoice is issued.
Part payments/Installments
You may have heard of this payment method if you’re not living under a rock. It’s not unique and has been followed by almost every company.
1) Fixed installments
As the name suggests, the customer is expected to pay a monthly amount fixed beforehand.
The process is simple. The Afterpay’s API determines which of the 3,6,9, 12, or 24-month Installment options are the best fit for each purchase. Then, on a set date of every month for the installment term, a fixed amount is to be paid against that part payment.
2) Flex Payment (account)
This payment option is more flexible as compared to monthly installments. Here, the customers have the freedom to choose the amount they are willing to pay every month, but it should meet the standard minimum amounts set by Afterpay.
At any given time, additional orders can also be added on one condition; the amount should not exceed the credit limit set by Afterpay.
To utilize this option, shoppers must sign a credit agreement 14 days after receiving the first invoice.
Final Thoughts:
To get a taste of after payment (like 55% of Australians have done), you are recommended to use afterpay as it also provides a wide range of payment methods after purchasing. It accepts credit and debit cards, Cashapp, and chime cards but does not accept Venmo, PayPal, or any other foreign credit or debit card.
It charges a late fee for failing to make the payment on the due date and has a monthly limit. It is also a great option for merchants looking for more customers, especially at festivals, thanks to their campaign invoice method.
FAQ’s
Can you use afterpay on Venmo?
No, you cannot use afterpay on Venmo and vice versa.
Does afterpay accept Venmo?
Currently, afterpay does not accept Venmo.
Can you pay bills with afterpay?
Yes, you can pay bills with afterpay, but it depends on what type of bill you’re trying to pay and how you’re trying to pay it. If the company accepts afterpay, you can pay using the said service.
You can pay your bills by downloading the afterpay app, which will grant you access to the afterpay card that will act just like your credit card and spend easily. Also, you can use the Google wallet and apple pay as a platform to use your afterpay card to pay your bills up to your spending limit.
Does afterpay take PayPal?
No, quite the contrary. Paypal is emerging as a great competition to afterpay as PayPal announced a ‘pay in 4’ option. This is the same model on which afterpay thrives. What’s more? Paypal won’t charge any late fees from its customers.
Unlike PayPal, afterpay has always been charging a standard $8 late charge from the customers who have paid their dues after the due date. This has proved to be a huge money-making move for the Aussie company.
Paypal is against charging such a hefty late fee, and this move can see more people using the ‘buy now, pay later option.
Does Afterpay take Chime?
Yes, afterpay does accept chime debit cards, among various other payment options. To start using chime debit cards on afterpay, you must add your chime debit card to the afterpay portal.
Follow these steps to add your chime debit card on afterpay-
• Firstly, you need to go to afterpay’s official website.
• Then, you are required to select which country you’re from on the site’s landing page.
• Go over to the top right corner of the home screen and then sign in or log in according to your status. If you are a first-time visitor, you must create an account first.
• After logging in, go to the ‘my account option.
• Search for the ‘billing par’ option in the profile section.
• Click on the ‘payment method’ option.
• Under it, simply go to the option where you’ll start inserting the details of your chime card, and you’re good to go.
Does Afterpay accept Cashapp?
Cashapp’s parent company, Square, led by Jack Dorsey, acquired Afterpay in 2021 in hopes of ‘integrating cash app with afterpay.’
Afterpay customers manage their installment payments directly through the cash app, making it so much more convenient for the customers. Now, being under the same company, it is obvious that they will be accepting of one another.
This move was considered great for young shoppers on a budget and small vendors who can provide the option of ‘buy now, pay later. In short, yes, afterpay does accept Cashapp.