The furniture store merchant might be better off signing up with a different bnpl who offers a lower commission rate.
Did you tell them about Zip, as you have a Zip account?
15% seems a big cut by afterpay, but from a merchant point of view I guess when compared to sales discounts that might be offered to customers, a 15% reduction in the furniture rrp is not too bad if volume and cash flow is generated - it might not have otherwise resulted in the sale, without the bnpl. Could probably even offer an extra 10% discount to the customer on top of that.
Aren't Zip account fees waived if everything is paid off in time?
And isn't that why the regulators are having difficulty putting bnpl under the same regulation as credit cards and home loans? Because effectively the bnpl service can be free for users and definitely does not compound interest on interest upon spiraling interest like credit cards do? A key difference is also that bnpl purchases have set repayment terms from the beginning over a relatively short period of time. I feel that promotes more sensible money management than a card where you can max it out in a day and pay off a minimum at month end to (barely) cover 22% interest. I think we've all been there or know someone who has.
Westpac are a bit late to the party and might not get what they want. How were the other big banks submissions to the regulation proposal?
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