AFTERPAY POLICY 

1. PURPOSE

As a member of Australian Finance Industry Association Limited (AFIA), Afterpay has been accredited as a Code Compliant Member of the new Buy Now Pay Later Code of Practice (BNPL Code), and is a holder of an Australian Credit Licence (ACL) with the Australian Securities and Investments Commission (ASIC). Afterpay is also registered as a Financial Services Provider (FSP) with the New Zealand Companies Office, and is required to comply with the Credit Contracts and Consumer Finance Act (CCCFA) and associated regulations.

 

As a regulated entity, Afterpay is subject to regulatory and marketing obligations which extend to Consumer Law, Good Practice Guidelines, Spam, Promotions and Competitions, Financial Terms and Calls to Action. More broadly, Afterpay is aware of and has processes in place to meet the requirements of all relevant laws, regulations and codes under which it operates.

 

This document describes Afterpay’s Merchant Marketing and Advertising Guidelines, and what Afterpay requires from Merchants to ensure that Afterpay complies with regulatory obligations and expectations in relation to marketing and advertising of its products and services in Australia and New Zealand.

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2 . GENERAL TERMS

• Afterpay allows you to pay for a purchase from Retailers and Third Party Suppliers over 4 repayments, payable on the Due Dates outlined in your Payment Schedule. In some cases, Afterpay may require you to make an initial payment at the time of purchase.

 

• All Orders are subject to Afterpay’s approval – for example, if you have any overdue payments, Afterpay will suspend access for further purchases. For more information on assessment and checks, see clause 8.

 

• You may make early payments, otherwise Afterpay will automatically process payments in accordance with the Due Dates stated on your Payment Schedule. If a payment is not processed on or before the Due Date, Late Fees will apply.

 

• The following Late Fees apply to the extent that the sum of all Late Fees payable under the Credit Contract and each other Low Cost Credit Contract between Afterpay and you is equal to or less than the Maximum Late Fee Cap:

 

• For each Order of $40 or below, one Late Fee capped at 25% of the Original Order Value.

 

• For each Order with a value above $40, an initial Late Fee of $10, and if the payment remains unpaid 7 days after the Due Date, a further Late Fee of $7, up to the lower of 25% of the Original Order Value or $68. We may charge partial amounts to remain within any applicable Late Fee cap.

 

• Some features accessible on the App may not be accessible on the Web Portal, and vice versa.

 

• If you won’t be able to pay us on time, please contact us as soon as possible. Please click here for more information about Hardship.

 

• The goods and services and all refunds are the responsibility of the Retailer where you make the purchase or the Third Party Supplier who supplies the Third Party Goods available through our Platforms.

 

• If you decide to purchase goods from a Retailer from outside of Australia, we draw your attention to clause 5.3.

 

• We are a Code Compliant Member under the BNPL Code. You have certain rights and we have certain obligations to you under the BNPL Code. For further information, see clause 2.6.

 

• We limit our liability to you in accordance with clause 13.3, and you indemnify us in accordance with clause 13.4.

 

The Credit Contract comprises:

 

1. the Schedule;

2. these General Terms; and

3. the Specific Terms (if any).

 

Please read these documents carefully as they set out your rights and obligations in respect of your use of the Credit Contract. You are bound by the Credit Contract as soon as you accept it.

 

The Schedule is the pre-contractual disclosure statement required by the National Credit Code.

 

You acknowledge that once you download the Afterpay App to your mobile device, or access Afterpay’s Website or Web Portal, these General Terms (to the extent applicable) apply to your use of our Platforms whether or not you have accepted the Credit Contract or placed an Order.

 

You should keep the Credit Contract for your records, noting that it may be amended from time to time. The latest version of the Terms are available on our Website.

 

Please also read our Privacy Policy, which includes our Credit Reporting Policy and is available on our Website.

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​Late fees, eligibility criteria, retailer terms and T&Cs apply. Australian Credit Licence 527911