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AfterPay Launches In Australia
The ability to pay for an online order after having received it, or even two months after receiving it, sounds like the stuff of an April Fools’ joke. To Australian shoppers’ delight, this one is legitimate.
AfterPay, a payments service that lets customers defer paying for online purchases until after the product is delivered, has debuted in Australia, powered by local digital payments software company Touchcorp. Signing up for the service doesn’t impose upon the customer any further than already accustomed to, with no additional forms or contracts.
“Touchcorp’s deep transactional experience and technology will allow AfterPay to provide a world class payments service unique to the Australian market,” AfterPay Director Nick Molnar told Power Retail, believing AfterPay’s exclusive relationship with Touchcorp is a major competitive advantage. “While AfterPay is a new business, the association with Touchcorp means that we have skipped the start-up phase and that our technology platform and transaction processes are well developed, robust and scalable from day 1.”
As part of AfterPay, AfterPay itself pays for the product, and assumes all fraud and credit risk of charge-backs on behalf of the merchant. Customers aren’t charged for the product by AfterPay until after the order is fulfilled, at which point they can pay for the items in full immediately, or in instalments up to two months later. In either case, no interest is charged. If a product doesn’t meet expectations, it can be returned without money ever changing hands.
“AfterPay is at the forefront of online commerce and making online transactions a better experience for consumers and merchants,” added Paul Greenberg, Chairman of the National Online Retail Association, who has joined an advisory board for the new service. “It provides an obvious win-win for both consumers and merchants.”
Touchcorp’s touch payments system gives omnichannel capabilities to a number of major retailers in Australia, most notably 7-Eleven, which provides for the sale of communications products from major telcos Telstra, Optus and Vodafone. An Australian-born name, the company operates in 15 countries around the world, and is looking to expand its presence in Europe and Asia, with tech applications in transaction integrity, credit decision-making and fraud control.