Online shopping has become a convenient way of making purchases in recent times. Due to its increasing popularity, different payment plans have been established to make purchases more flexible and affordable. Two of the most popular payment plans are Deferit and Afterpay. While both payment options share similar features, there have been claims and possible misconceptions regarding their compatibility and interchangeability.
This article will focus on unraveling the mystery surrounding the compatibility of Deferit and Afterpay.
What is Deferit?
Deferit is an Australian fintech company that provides a modern and flexible repayment option for customers to purchase essential goods and services without incurring large upfront costs. Through their app, customers can file and pay bills and purchases in installments, thereby avoiding late payment fees.
What is Afterpay?
Afterpay, like Deferit, allows customers to purchase products and services through a flexible repayment plan. However, instead of having the customer pay in installments, Afterpay expands the payment tenure into four equal payments over six weeks.
Can I use Deferit to pay Afterpay?
There is no straightforward answer to this question, as it depends on a couple of factors. Firstly, it’s essential to understand that Afterpay and Deferit are two separate financial institutions with different funding sources. Afterpay does not accept payment by installments. Therefore, it is not possible to use Deferit as a mode of payment for Afterpay.
However, suppose you have an Afterpay purchase and are experiencing financial difficulties. In that case, you can use Deferit to pay off your Afterpay purchase by settling the total bill amount through an installment plan on Deferit. This, in essence, means that Deferit cannot be used as a direct mode of payment for Afterpay but can be used indirectly to clear an Afterpay purchase.
How to use Deferit to pay Afterpay
Assuming that you have an Afterpay purchase, and you would like to use Deferit to pay your bill, here are the steps you need to follow:
1. In your Afterpay account, click on the payment details.
2. Copy the required amount from the payment details.
3. Next, head to your Deferit account and paste the amount in the payment details section.
4. Deferit will allow you to split the payment into installments, which you settle over an extended period.
However, it is essential to note that using this service may attract some interest and penalties that you will have to pay when settling.
The use of Deferit comes with its fair share of charges. Every time you use Deferit to cater to your Afterpay payments, you incur a 1.5% fee. Additionally, there are late fees charged if you fail to make your payments on the agreed date. It is, therefore, essential to understand all charges applicable to Deferit before using their services.
In conclusion, Deferit and Afterpay, while providing payment options with similar features, are not compatible. You cannot use Deferit as a direct mode of payment for Afterpay. However, you can use Deferit to clear your Afterpay purchase indirectly by paying your Afterpay bill through an installment plan on Deferit. Using this service comes with its fees, which you should know beforehand. It is essential to exercise caution and carefully weigh the available options when making any payments to avoid unnecessary costs and disappointments.