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I do keep wondering how these buy now pay later companies see this playing out over a long time.
Klarna was founded in 2005, and Affirm in 2012.
Maybe it's just the same old tech-startup playbook; Live a good life for 10 years of funding until you get acquired, or hired to another good life fin/tech-startup.
I mean isn't this one obvious? Fees. There's a ~$4 fee for the basic 4 payments every 2 weeks plan. There are also numerous plans that span various amounts of months. THESE plans have APR up to 30%. Add in your 'I missed a payment, here's a fee" and it's basically just a credit card with more rules that requires ~1/4th payment upfront. They also treat each purchase as a separate loan, so you don't get the benefit of one single monthly payment against the whole balance- each loan must be individually paid - adding up to a lot more than a credit card with a similar balance. And then add in selling marketing data of what customers purchase. It's a simple and solid business structure.
They also charge the store quite a cut. Because they have such high checkout rate... In some industries it's allegedly 30%. Paypal does 3.9% or something like that.
Oh, wow!
They also typically require a minimum purchase amount, so you have to spend more than you might have planned in order to use them. That $45 purchase suddenly becomes $55 because you needed to add something to go over $50. Those amounts add up over time and result in overspending.
I have not seen that so far. I don't click further on this for a payment option, though.
So you have no clue what you're talking about about
Hello, can your comments please add to the discussion?
Because you're not actually contributing to the conversation and are just trolling. Or you're dumb. I'm not sure.
Your comments that are solely insults are annoying. Please stop.