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What is your experience with Buy Now, Pay Later?



Afterpay, Zip Pay, Latitude Pay - these brand names are becoming universally recognised.


Buy Now Pay Later, the modern version of lay-buy without the wait, is targeted at young people wary of credit card debt who can have it now without interest by entering a payment plan for a specific purchase. The scheme is growing, largely unregulated, and earned almost $400 million mostly from small business in 2018-19 and by all accounts has increased in 2019-20. ASIC recently looked at the schemes and issued a report. This report focussed on the services offered and the customers, largely ignoring the merchants in the middle who pay between 3 and 7% of the transaction. Credit and debit card companies, by contrast, take 1-3% of transactions.


COSBOA is looking at surveying the "missing middle," the merchants who use and pay for BNPL and whose voice has been absent from meaningful discussions around regulating this new fin tech.


If you're a small business owner, click here to complete the survey.


If not, we'd be grateful if you could distribute the survey link to your network.

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