Do you want to acquire your products immediately without paying at once? Afterpay, the feasible payment option, will help you acquire your product immediately and make its payment after. It is the ideal alternative for gift-giving or shopping when your cash flow is slightly tight. Besides, Afterpay does not charge interest fees to its customers. You can pay for your shopping through Afterpay without getting stressed. However, are you aware of How does Afterpay work?
Let’s guide you about the working of the Afterpay payment option, making your payments effortless.
What is Autopay?
We all have some of the other due payments which need to be done before the scheduled date, and any delays in such will deduct extra-fine. To avoid these problems, you can use Autopay as your payment mode. As the name itself suggests, Autopay is a convenient alternative in which all your due payments of the month will be paid automatically before the due date, using your default bank account or credit card.
It will set you free as you will no longer need to remember the due dates and will not have to bear any extra charges due to delayed payments. All you have to do is log in to your respective account and select Autopay as your payment mode to get the benefits.
However, you must remember a few things to learn about How Does Autopay Work? Scroll to get the details.
How is Autopay Useful?
Afterpay payment method works on the set it and forget it system. It is human nature that we often forget things due to stress, leading to delayed payments. It means that the online platforms will charge your provided credit card for the payments on the scheduled date.
All you need to do is maintain the required balance in your account to get the payment deducted through Autopay. It ensures uninterrupted services by avoiding the risk of suspension due to not paying on time. Besides, it will help you avoid tracking the payment schedule or making a payment every month as it will make your payment deducted automatically.
How Does Autopay Work?
You can select the Autopay option in two different methods. Besides, you should select the option of Afterpay to avail of the affordable payment option. Scroll for the details about How Does Autopay Work!
Online Bill Payment
In this option, all you need to do is set up the payment dates with your respective banks for online payment. It means that you need to provide the creditor’s bank account details to your bank, and then it will automatically pay the due bills monthly to the designated account.
In this option, you are eliminated from the risk of giving details every time and delayed payments as the bank itself will initiate the transaction. Autopay will also help you avoid paying for delayed payments. You will have to choose the amount to pay and the payment method on your online platform. Besides, you can check or track your payment schedule or the balance amount. Also, it is advised to set up an alert before the due date so that you can check and maintain required the funds in your bank account.
The other alternative for Autopay is automated debit transactions. In this option, you need to provide the creditor with your bank details and access to deduct the monthly payment automatically. Besides, you should provide the receiver with routing numbers and bank account numbers to execute the transaction.
It has a drawback that regardless of your insufficient bank funds, the automated transaction is processed at the set due date. Your bank will process it on your behalf and later will compensate the same from the account holder. In this case, you will end up owing more to the bank, as additional fees will also add up to the total cost.
Autopay through Credit Card
Credit Card payments are now accepted by many companies and also a much safer option that you can opt for. Through this payment mode, you will be allowed to set up an automatic transaction with your chosen bank. It also has some additional benefits, including cashback or cash rewards.
You must have understood about about How Does Autopay Work. Besides, get to know about various other facts of the payment method below for better understanding.
Does Autopay Helps Build Credit Score?
In Singapore and other countries, payment history is one of the significant aspects considered for credit scores. It will impact by even one missed, delayed, or late payment. Autopay will help increase your credit score as fewer or no chances for delayed or missing payments. Credit card payment will thus depend on the type of bill you will be paying.
Missed due date or payment will further lead to late fees and some other additional charges. Hence, you need to scroll down the terms and conditions of Autopay while making payment through credit cards before setting up the same.
How can you Cancel Autopay?
Some users who do not wish to set the automatic payment method can follow the below-mentioned steps to opt-out.
To cancel your Autopay payment option, you should log in to your account and choose Autopay. Select Edit, and change the tab to I don’t want Autopay now and Save the new changes. Next, visit your profile and un-tick the Autopay option you selected earlier.
Bills You should avoid from Autopay
Being the seamless method to complete your due payments, Autopay has some exceptions. You must not link your membership payments, credit card bills, utility and cable bills, auto premiums, and annual subscriptions with Autopay. There are some of the facts to be known by the Singapore citizens before using Autopay.
Are you looking for a flaw-free payment option for your shopping? Afterpay will help you acquire your products first. Besides, you don’t need good credit behavior or score to qualify for this payment option. Afterpay does not hit you with the interest fee whenever you select it as your payment option. We could make you understand how does Autopay works and how to avail of its benefits.
You can also opt for an interest-free installment payment option when you fill your shopping cart on www.atome.sg.