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Craig Downing on Making Payments Progress - as featured in The Australian


When it comes to enticing shoppers to part with their hard-earned cash, retailers have traditionally relied on a range of advertising and marketing strategies to maximise the appeal of their products. However, changing trends in payments are increasing access and convenience for consumers, making it easier for them to say yes. Pre-paid gift cards, delayed payment options like AfterPay, even the tried and trusted lay-by is making a comeback, as savvy retailers exploit opportunities to persuade consumers to buy. Options like Afterpay allow shoppers to purchase an item online and have it shipped immediately, while spacing out their payments over time. These solutions assume the risk, paying the retailer the full cost of the item while entering into a short-term agreement with the customer to allow them to pay off the purchase price in four interest-free instalments. ​It’s proving very popular with younger shoppers who don’t have credit cards but want to purchase now and pay later, or with people who don’t want to use credit cards and potentially incur interest fees. Since there are no credit checks and the amounts involved are not large, those with a poor credit history also find this a convenient way to manage their money. CONTINUE READING

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