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Afterpay & ZipMoney What is it & how does it work?

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Afterpay and Zip Money are two new recent layby or for want of a better word hire purchase systems recently introduced into consumer spending that are changing the way people manage their purchases and discretionary spend. So what are they how do they work and what is the best way of using them. 

Okay so both systems have apps that enable you to purchse instore. So there are two ways you can use them either online or instore. the instore purchase requires usee of the app on the phone where as the online you can buy through the site (you obviously need to be signed up before using either system. The online purchase requires payment two weeks after the purchase(usually there is a staged charge you agree to when you purchase, there is some variety in using this as to how long and how many payments you choose to apply. If they approve you to use their payments then you can get the goods sent to you immediately after purchase, and then the retailer receives the income less their commission fees ( 6% afterpay 4% zip) the day after the sale, whereas a layby requires a deposit and an agreement to pay the remainder.

So in summary these new layby systems circumvent the traditional layby process where you receive the goods immediately and pay the goods off over a payment period, instead of lalybying the goods and only receiving them on full payment.

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