Tutorial: Using SuitePOS with Square and Afterpay for installment processing
SuitePOS and Square fully support Afterpay. Afterpay is used by consumers to be able to pay (interest free) for goods in installments. This means shoppers have more spending power and likely to spend more.
Setup Merchant:
All you have to do is to enable your account for AfterPay in the Square backend. This allows the AfterPay Credit Card (virtual Visa) to be accepted for in-person payments (and optionally on-line).
From a Shopper perspective:
- Sign up for Afterpay
- Add the Afterpay Visa card to the mobile wallet
- Link an Afterpay account to a debit card or bank account
The Flow:
The flow is no different to a regular Visa card payment using your mobile (phone or watch) wallet. The shopper simply selects the Afterpay Visa card when paying. For returns and voids, the Afterpay Visa card is simply reversed.
In Afterpay:
1/4 of transaction is posted immediately as a payment against your credit/debit card on file with Afterpay. The remaining 3 payments are processed every 2 weeks.
Shoppers can also sign up for monthly payments spread over time (subject to credit rating).
Features/Limitations:
- USA only
- The transaction amount must be between $1.00 and $2,000.00. Afterpay may refuse the transaction due (at any amount) due to personal limits imposed
- NFC enabled phone (or watch) is needed in order to use the Afterpay Visa card in the digital wallet
- Shoppers pay NO interest
- Merchant pays 6% card fees + 30c per transactions (as of 3/9/23)