Consumers are able to continue spending even when their budget does not let them thanks to the PayLater app that breaks up the cost of products into predetermined zero-fee installments with no hidden fee!
What Is Paylater app?
source: Grab
Paylater is a Malaysian buy now pay later service providing an app that allows retailers and enterprises to give their consumers installment payment plans to help them manage their buying budget and to encourage ethical spending. it was introduced in late 2020.
How does the Pay later app works?
Pay later works so that a checkout payment is divided into four equal payments with zero fee installments. The first payment, up to 25% percent, needs to be done at the time of checkout, and the subsequent payments must be paid monthly. The user must have sufficient balance to cover the first payment. The usual duration for paying your installments is four months, although customers can request longer terms such as:
A shopping limit of RM999.99 and lower qualifies for up to 6 monthly installments
A shopping limit of RM1,000.00 and above qualifies for up to 12 monthly installments
What is Buy Now Paylater Service?
source: Shopify
Exactly what its name suggests, buy now, pay later is a form of short-term financing that enables customers to make transactions and pay for them later. Participating merchants will let customers break up the cost of a transaction into more manageable zero-fee installments.
The initial payment is often made at checkout, and all following payments are invoiced to customers’ credit or debit cards on the specified dates. Essentially, these businesses let customers buy products now and pay for them later. There are numerous BNPL service providers, and while they each have their unique terms of service, they all operate in a similar manner.
The most well-known Buy now Paylater suppliers include Affirm, Sezzle, PayPal, AfterPay, and Apple paylater.
How To set up a Paylater Malaysia account:
Registering a Paylater account is accessible due to its user-friendly interface. Following are the steps to sign up for Paylater Malaysia
Step 1: Scan the QR code to download the Paylater Malaysia app and register an account.
Step 2: Click Apply now to get your purchasing limit.
Step 3: Purchase your selected items from our diverse merchants.
Step 4: Pay your initial installment when checking out. Pay the rest in the form of monthly installments later up until you’re done.
Shopping Limits and Instalments:
PAYLATER is dedicated to encouraging wise financial decisions. Anything harmful to the ecology will be investigated.
Even if your purchasing limit is not entirely exhausted by PAYLATER at first, you are only permitted to make ONE purchase in the first installment. By doing so, you may maintain financial control and we can confirm that you are dedicated to following our responsible spending guidelines.
The system can reject your purchases if you try to make several orders in the first installment. Your purchasing limitations will rise the longer you remain a customer and make payments on time, so perhaps you’ll be able to make more purchases at once.
Difference Between Pay Now And Paylater:
What is Pay now?
Pay Now is a payment mechanism that enables clients to pay from partner banks and non-bank financial organizations using their favorite app.
Customers using Pay Now see a QR code when they check out. They finalize the transaction by scanning it with a supported app. As soon as Stripe completes the payment, you get a confirmation and the payment is done.
Pay Now and Pay later have the following differences:
source: The Parking Spot
Advantages of Using PayLater:
Utilizing a PayLater Account is the greatest choice. You may use this facility to borrow money with zero-interest installments to pay bills, make purchases online, use UPI, and more. Some of the major advantages of a PayLater Account are listed below:
Quick Cashless Payments:
You may instantly get a digital credit line with PayLater for prompt payments. When making an online purchase, just select the PayLater option with flexible options such as credit or debit cards, FPX payments, direct debits, and more on the checkout page. The money will be taken out of your PayLater Account, which you may then reimburse within 45 days.
No hidden fee and zero fee installments:
Pay just what you really spend. You will be assessed an additional fee only when you pay late or ask for further installments. So Purchase now and pay in 4 no-fee installments later. Just guilt-free shopping there are surely no hidden fees.
Higher Shopping Limit:
There is no upper bound. We provide a bigger purchasing limit with a flexible payment schedule for those times when you desire the finer things in life.
Top 5 Paylater Services In Malaysia :
1. ATOME:
source: Atome
Atome is one of the biggest BNPL platforms available in Malaysia with more than 2,000 shops working together with it. Atome’s shopping limit is RM1,500 for those without credit cards and RM5,000 for people with credit cards.
The period for payments is three months, and there are RM30 late fees for each missed payment. Users must be at least 18 years old and make a single transaction worth at least RM10 in order to utilize Atome service.
2. FavePay Later
source: Soyacincau
FavePay Later offers a BNPL service that allows consumers to split payments into installments on FavePay purchases. FavePay customers also get up to 10% cash back on every purchase. The shopping limit granted is decided based on user ratings and payments are due after three months.
3. Hoolah:
source: Hoolah
Hoolah collaborates with a variety of well-known merchants. Hoolah, like Fave, depends on user ratings when deciding on its shopping limit and provides a three-month payback period. Penalties for late payments have a predetermined cost that depends on how much you order.
4. Grab Paylater:
source: Grab
Grab Paylater users are given two options for using paylater services, either users have the option of paying in four monthly installments (PayLater) or in full at the end of the next month (PayLater Postpaid). You may use PayLater to pay for food, e-hailing trips, groceries, as well as goods from Grab’s affiliated retailers including Lilit, Zalora, All IT Hypermarket, and others.
PayLater Postpaid is only compatible with Grab services including Grab rides, GrabFood ordering, and GrabExpress delivery. Additionally, selecting this option will give you GrabRewards points. The user must be 21 years old, a silver tier member, and have performed three transactions on the app within the previous month in order to be eligible for Grab Paylater.
5. S-Paylater by Shopee:
source: Technave
SPayLater is Shopee’s entry into the BNPL market, and it was introduced in the beginning of 2021. The BNPL service provides two options for repayment. The full cost can be paid at the end of the month in the form of zero fee installments, or you can spread the payment out over two, three, or six months.
Each month, customers who choose the installment plan must pay a processing charge of 1.25% of their purchase total. SPayLater imposes a penalty fee of 1.5% per month of the past-due amount for late payments.
HOW PROPERTY INVESTORS & REAL ESTATE AGENTS CAN USE PAY LATER?
Real estate agents and investors stand to benefit greatly from Buy now PayLater services as well. This emerging trend is now available to the real estate industry thanks to the launch of Access by eCommission, an innovative payment option created around the time when agents get their income. When agents utilize Access to make online purchases from their preferred suppliers in the real estate industry, they have the option of paying for such transactions with commissions rather than cash upfront. Access allows the agent the convenience of up to 90 days of interest-free payback from their future closing while instantly paying for the order on the agent’s behalf.
CONCLUSION:
Paylater is a wise choice If you want to make substantial purchases without severely hurting your monthly cash flow, Here are a few scenarios when it could be justified:
If you can make your payments on schedule.
If you require additional time to pay back a purchase that is urgent or vital.
If you need to borrow money to make an essential purchase but your credit history prevents you from getting a personal loan or credit card.
Happy Shopping!
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