Buy Now Pay Later

Understand all your payment options when you are getting some retail therapy.

oxipay.co.nz
56434
oxipay.co.nz

Get your purchases now and pay over 4 or 8 payments interest free. Four fortnightly payments or eight weekly payments.

Total Payment Duration

6 weeks (Fortnightly) or 7 weeks (weekly)

Late Fee

$10

App

No

  • We charge our retailers directly, so you only pay the cost of your purchase
  • There is zero interest and zero added fees, as long as you pay on time
Eligibility

Live in New Zealand

Are at least 18 years old

Have a valid and verifiable email address and a New Zealand mobile number

Have a New Zealand Mastercard or Visa credit or debit card

Have a New Zealand residential and shipping address

Have a New Zealand drivers licence

More Info
Laybuy.co.nz
56435
Laybuy.co.nz

Take your purchase now, and pay it in 6 automatic weekly payments on the day of your choice.

Total Payment Duration

5 weeks

Late Fee

$10

App

Yes

  • Only pay the price of your purchase, when you pay your instalments on time.
  • Take your purchase now, and pay it in 6 automatic weekly payments on the day of your choice
Eligibility

Must be a New Zealand resident

Are at least 18 years old

Before you can use Laybuy you need to provide us with your full name, residential address, email address and your mobile number for the credit check/verification.

We will also need your Visa Debit or Credit Card details so that we can deduct the amounts in connection with your purchase.

More Info
Zip.co/nz
58866
Zip.co/nz

Get your purchases now but spread the cost over 4 fortnightly, interest-free payments.

Total Payment Duration

6 weeks

Late Fee

$8

App

Yes

  • Every purchase you make with Zip is interest free. Online or instore.
  • Spread your purchase across 4 equal fortnightly payments
Eligibility

Live in New Zealand

Are at least 18 years old

Have a valid and verifiable email address and mobile number

Have a NZ Driver Licence or other supported Photo ID

Use a New Zealand debit or credit card to make the purchase

More Info
afterpay.com
56437
afterpay.com

Pay for your purchase over 4 instalments, due every two weeks. You’ll pay your first installment at the time of purchase.

Total Payment Duration

6 weeks

Late Fee

$10

App

Yes

  • Orders ship as they would with any other form of payment, as quickly as you choose. Delay the pay, not your gratification.
  • Afterpay is always zero interest, and there are never additional fees when you pay on time.
Eligibility

Live in New Zealand

Are at least 18 years old

Are capable of entering into a legally binding contract

Have a valid and verifiable email address and mobile number

Use a New Zealand credit or debit card to make the purchase

More Info
genoapay.com
56439
genoapay.com

Get the products and services you need today, pay for them over 10 weekly instalments.

Total Payment Duration

9 weeks

Late Fee

$10

App

No

  • Pay 10% upfront and the rest in 9 weekly automatic payments. That’s more leeway to pay than other payment plans.
  • Pay each instalment on time and it won’t cost a cent more than the purchase price.
Eligibility

You will need to be at least 18 years of age

Hold a valid New Zealand drivers license or New Zealand passport

Have a debit or credit card

More Info
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What is Buy Now Pay Later?

Buy Now Pay Later allows consumers to purchase and obtain goods and services instore or online immediately, then pay for the purchase over time. It’s a relatively new concept in New Zealand, with the first providers launching in early 2017. Buy Now Pay Later differs from familiar concepts such as traditional laybuy, where the item is held by the store until it’s paid in full. With Buy Now Pay Later, the consumer takes the item away after leaving a small deposit, then pays the remainder of the original price over a set period of time, with no interest.

About 3000 New Zealand retailers now offer the service, where a deposit as little as five dollars will see goods picked up or delivered to your door, to be paid off over six to eight weeks.

Four companies - Afterpay, Oxipay, PartPay and Laybuy - are the most well-known providers making their mark on the New Zealand market.

What are the costs?

While an attractive feature of Buy Now Pay Later is no interest charges, there will be penalty fees for late payments and a few other fees to be aware of. Although each provider will have a different fee structure, common fees might include establishment and redraw fees, administration or bookkeeping fees, payment processing fees, missed payment fees and account closure fees.

Some providers, for example PartPay, Afterpay and Oxipay, advertise they do not charge any fees as long as consumers pay on time. If a buyer fails to make payments on time, default fees will be charged.

Retailers who sign up to use Buy Now Pay Later systems are required to pay a percentage of the sale to the payment company.

How do I use Buy Now Pay Later?

Buy Now Pay Later arrangements are offered for clothes, technology, homewares and many other products, allowing the consumer to take an item home immediately, or have it delivered, then pay it off over time.

Often the provider will have a system to keep the consumer on track with payments. For example, PartPay emails consumers three days before the payment is due and sends text messages. If a payment does not go through the first time, PartPay sends a last-chance text to the consumer before adding a late payment charge of eight dollars if the person fails to make the payment.

Unsurprisingly, when applying to use a Buy Now Pay Later system to pay for an item, you will need to undergo credit and identification checks. The strength of your credit history will determine the amount of money the company will be prepared to part with, therefore the value of the item they will allow you to purchase.

How is Buy Now Pay Later Different to Layby or Hire Purchase?

Buy Now Pay Later Rules

  • You can take away the goods as soon as you make the first payment.
  • You have legally bought the goods once you make the first payment. You cannot cancel the sale.
  • You are locking yourself into weekly or fortnightly payments. If you miss a payment, penalty fees will apply.
  • If the goods are faulty, you may return the goods for repair, replacement or receive a refund for your payments to date.

Traditonal Laybuy Rules

  • You only receive the goods after your last payment.
  • You can cancel the sale at any time before the final payment and receive a cash refund.
  • Payments can be flexible, depending on the retailer. There may be an opportunity for renegotiation, for example spreading payments over a longer period.
  • You may return faulty goods for refund, repair or replacement.

Hire Purchase Rules

  • You can take away the goods as soon as you’ve filled in the forms, met credit requirements and made a down-payment.
  • You might get the finance through the seller or through a separate finance company.
  • You will be charged interest, meaning the item will cost more in the end.
  • You don’t own the item until you’ve made the final hire purchase payment, meaning the vendor has the right to seize it if you can’t make the payments.