Friday 13 September 2019
Every week it feels as if a new ‘Buy Now, Pay Later’ (BNPL) platform reaches Aussie shores, and it looks like there’ll be room for one more.
It’s called ‘Laybuy’ and, according to them, is New Zealand's leading BNPL platform.
Launching today in Australia, Laybuy has already acquired more than 1,200 Aussie retailers from all walks of life - from fashion to fitness and even camping gear.
But while most BNPL services are typically geared toward everyday Aussies, Laybuy was designed with retailers in mind.
“Throughout the design process for the platform, we have always kept retailers front of mind. Not only do we absorb all credit, fraud and chargeback risk on any transaction, which totally safeguards our partners, our unique Laybuy Global feature means we can handle all foreign exchange fees on a retailer’s behalf due to our multinational capabilities, said Co-founder, Gary Rohloff.
“In a nutshell, our service is a win-win for retailers and consumers.”
You know the BNPL drill: make a purchase, pay it off in installments. However, Laybuy is slightly different. Once you’ve selected Laybuy as your payment choice at checkout, you’ll have six weeks to pay it off with interest-free weekly payments, not fortnightly.
Laybuy also give you total control of your repayments by allowing you to pick your payment date over the six week period.
You’ll be able to link up either your debit or credit card to your account to make purchases.
Laybuy does not charge any upfront or ongoing fees, but they do charge a $10 late payment fee.
Customers can sign up to Laybuy either through the Laybuy website or once they’re ready to make their first purchase through Laybuy. There is no Laybuy app at the moment.
But before you sign up, there are a few things to be aware of.
Laybuy performs credit score checks on all new users before approving or denying your wish to join. So if your credit history has seen better days, it might be worth repairing the damage first, or risk having your account rejected.
Once you are approved, Laybuy will allocate you a ‘Laybuy limit’, which is based on your credit report - then you are free to start spending! But while Laybuy doesn’t restrict the amount you can spend, if you do go over your allocated limit, you will be required to pay the ‘excess’ on the first day of your repayments, which will be higher than the rest of your repayments.
If you are returning an item purchased through Laybuy, it is up to the merchant to notify Laybuy that it has received the returned package and provided you with a full refund. Laybuy will then move to refund you for any payments you may have made so far.
Keen to find out how Laybuy stacks up against other Buy Now, Pay Later platforms on the market? Then make your next stop our fintech hub, which is filled with all the latest info on other online payment services.