Ohh look...Point of Sale Loans at self check out registers at Wal Mart. Gee I wonder who is going to pay for all the things people take on a Point of Sale loan at a Self Check out and then Default on it..........Looks like another way Self Check Out systems at large Box Retailers will drive up prices for the rest of us.
Walmart adds ‘buy now, pay later’ option to self-checkout registers
Walmart customers now have the option to buy items in store or online and pay for them at a later date without using a physical credit card. The retail giant recently announced a partnership with payment platform Affirm to allow customers to use point-of-sale loans to make purchases.
Affirm offers the loans to customers who agree to make payments for the item(s) over the course of time. Unlike credit cards however, Affirm does not charge additional interest, late fees or other hidden costs to the customer. Depending on the items purchased, Affirm adds a one-time interest rate to the total cost of the goods and that is the only fee the customers pays.
According to Walmart, the initial interest rate can vary between 10 and 36 percent depending on the customer’s credit score. Some items will be offered at zero percent interest as well.
“Expanding our partnership with Walmart and bringing Affirm’s transparent monthly pay-over-time options to their self-checkout kiosks in the U.S. will help even more consumers increase their purchasing power during the holiday shopping season and beyond,” said Pat Suh, Affirm’s senior vice president of revenue.
Customers interested in using the payment option must have a valid U.S. phone number in order to use Affirm, regardless of whether you’re shopping online or in store.
If you are shopping online, you can choose to apply for the loan while checking out and if approved, you will be able to complete the purchase with no money coming out of your pocket.
If you are shopping in store, you must apply ahead of time through Affirm and once approved, you then enter the total of your purchase into the application. A barcode is issued on your phone that you present to a cashier who scans it. Once the barcode is scanned, the purchase is completed.
Customers then make their payments through the Affirm website or app. You can pay off the bill early if you’d like with no penalty. Affirm also says there is no impact to your credit score if you apply to use Affirm.
Walmart adds ‘buy now, pay later’ option to self-checkout registers
Walmart customers now have the option to buy items in store or online and pay for them at a later date without using a physical credit card. The retail giant recently announced a partnership with payment platform Affirm to allow customers to use point-of-sale loans to make purchases.
Affirm offers the loans to customers who agree to make payments for the item(s) over the course of time. Unlike credit cards however, Affirm does not charge additional interest, late fees or other hidden costs to the customer. Depending on the items purchased, Affirm adds a one-time interest rate to the total cost of the goods and that is the only fee the customers pays.
According to Walmart, the initial interest rate can vary between 10 and 36 percent depending on the customer’s credit score. Some items will be offered at zero percent interest as well.
“Expanding our partnership with Walmart and bringing Affirm’s transparent monthly pay-over-time options to their self-checkout kiosks in the U.S. will help even more consumers increase their purchasing power during the holiday shopping season and beyond,” said Pat Suh, Affirm’s senior vice president of revenue.
Customers interested in using the payment option must have a valid U.S. phone number in order to use Affirm, regardless of whether you’re shopping online or in store.
If you are shopping online, you can choose to apply for the loan while checking out and if approved, you will be able to complete the purchase with no money coming out of your pocket.
If you are shopping in store, you must apply ahead of time through Affirm and once approved, you then enter the total of your purchase into the application. A barcode is issued on your phone that you present to a cashier who scans it. Once the barcode is scanned, the purchase is completed.
Customers then make their payments through the Affirm website or app. You can pay off the bill early if you’d like with no penalty. Affirm also says there is no impact to your credit score if you apply to use Affirm.
