Afterpay and LatitudePay are two popular BNPL (Buy Now, Pay Later) platforms. They allow users to purchase various goods and services without paying at once. Customers can get their desired fashion items, art pieces, online services, or any other products today and pay for them by installment.

Source: Unsplash

However, which service to choose? The BNPL market is full of options, and for an inexperienced customer, they all may seem pretty similar. In this blog, we’ll compare the AfterPay and LatitudePay apps to simplify your choice.

How BNPL Works

BNPL is an eCommerce solution for quick purchases by installment. The option is supported by myriads of stores and service platforms. Regardless of your location or buying goal, you can order practically anything, from a concert ticket in Canada to a quick purchase of a guitar in Australia.

Source: Unsplash

A Buy Now, Pay Later service lends a user some cash, and they have to pay the loan in smaller parts during a specific period of time. The debt can be billed to their credit/debit card or bank account. The system has similarities with bank credits. Yet, it has a list of advantages:

• The approval process is much faster.

• No transaction fees or smaller charges than with credit cards.

• Convenient schemes for payment over time.

• The broadest range of customers can access the option.

• The choice of goods/services available for BNPL purchases is vast.

With anything bought via a BNPL solution, you’ll need to pay the installments carefully according to the plan. If a client goes behind it, they will have to pay late payment interest. However, their sizes are quite affordable with most BNPL services.

BNPL services support purchases of many products. Yet, there are certain limitations. For instance, practically all Buy-Now-Pay-Later platforms are not available for gambling and betting activities.

This is characteristic of most solutions that use credit card transactions, with rare exceptions. One of them is the PayID system. It is gambling-friendly and has ignited the growth of popularity of PayID web casinos in recent years.

Facts to Know about AfterPay

Available since 2015, AfterPay now operates in Australia, New Zealand, Great Britain, Canada, and the USA. In Australia, this is the #1 BNPL platform. The service offers a four-installment system, with the necessity to pay 25% of the entire price as the first payment.

Registered users receive a starting cash limit of up to $600. If they use the service regularly and carry out their commitments carefully, they can expect to get a higher limit, which, however, won’t exceed the sum of $1,500.

Source: Unsplash

AfterPay will break the total price into four installments, and you’ll need to pay them within six weeks. There are no charges for signup or your transactions. The only case when interest is charged is when a user falls into arrears, that is, when they cannot pay in due time.

Fees are limited to 25% of the whole purchase if its size is below $40. For larger payments, AfterPay charges a one-time pay-late fee of $10. If you do not settle the debt in seven days after this, you’ll need to pay off another $7.

Facts to Know about LatitudePay

Also launched in 2015, the Latitude BNPL service initially supported Australia and New Zealand. Now, it is available in Canada, Singapore, and Malaysia. However, the company decided to close the platform in Australia in April 2023.

LatitudePay offers a similar loan system with ten installments spread over ten weeks. Customers can get from $150 to $1,000 to purchase various products. They will need to pay 10% of the total price as their first payment.

Source: Unsplash

There are no joining or payment fees charged by LatitudePay. Again, you’ll need to pay interest if you have not completed the payment by the time fixed. Every time you miss the installment, you’ll be charged $10.

Side-by-Side Comparison

So, which BNPL platform is better for you? Let’s stack up AfterPay and LatitudePay against each other to view their similarities and differences:

Both platforms offer handy mobile apps. Users can easily create an account on their desktop sites as well.

Conclusion

AfterPay and LatitudePay are trusted platforms for BNPL purchases. Multiple stores and online booking services support the options, so you can freely use any of them to buy cultural goods, style-and-fashion articles, musical equipment, and more.

The essential difference between the two solutions is their installment schemes. Afterpay allows a customer to split their payment into four parts and complete them within six weeks. LatitudePay offers a plan with ten weekly installments. No charges are applied by both AfterPay and Latitude.

Source: Unsplash

AfterPay has a larger audience and is available in a broader range of countries. It beat LatitudePay in loan limits, but its plans have shorter due times.

Other slight differences concern pay-late fees, rescheduling options, etc. At large, AfterPay and LatitudePay offer similar services based on a credit system. So, it’s up to every customer to choose their preferred BNPL scheme.