Apple have finally released their much awaited new payment scheme called ‘Apple Pay Later.’ Initially it’s only being offered to a number of randomly selected participants to trial, but it’s expected to be quickly rolled out to any user on iOS 16.4 for iPhone or iPad in the US, with a greater international roller-out expected later in 2023.
How ‘Apply Pay Later’ works
It allows the user to split their payment into 4 equal payments spread over 6 weeks, without interest or late fees. The loan can be anything from $50 to $1000.
The Apple Pay Later scheme can be used towards any purchase that’s made online or in-app with any merchant that accepts Apple Pay.
How to get started
The Apple Pay Later loan can be accessed via the ‘Wallet’ app on your iPhone or iPad. You’ll be asked how much you’d like to borrow, and asked to agree to the terms and conditions. There will be what Apple calls a ‘soft’ credit check (but this will not affect your credit score), and once approved, the credit will be available and the ‘Pay Later’ option available when next using Apple Pay.
How to keep track
Apple have made it simple to keep on top of any loans you take, it’s all visible though Wallet on your phone or ipad.
Who’s behind it?
Apple Pay Later is offered through the MasterCard instalments programme, with Goldman Sachs as issuer.
Apple enters the arena as other buy-now-pay-later issuers gain in popularity such as PayPal and Klarna – with 51% of Americans saying they had used such a service in a recent survey.
Boosting customer service through your online shop
If you have an online shop, have you considered using a buy-now-pay-later service provider to help entice buyers, as well as boost customer service?
Remember that having an online shop that offers superior customer service doesn’t have to be overly time consuming. Turn to the support of a Virtual Receptionist Service like ours. We can take all your incoming calls, dealing with customer enquiries, order queries and product questions, just like a member of your own team. Leaving you free to grow and develop your business, free from the demands of the ringing phone.
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For more information on Apple Pay Later, read this informative article on TechCrunch.