Afterpay vs. Oxipay
Posted by Joshua Maher on
Oxipay is the latest addition to Later Gator’s ‘Buy Now Pay Later’ options that allow customers to checkout, receive your goods immediately, and pay them off in fortnightly installments with no interest.
Here’s how Oxipay stacks up to our most popular payment option, Afterpay.
Note: the two are actually very similar to you as the customer.
Both Afterpay and Oxipay essentially extend you a line of credit allowing you to take delivery of your products immediately.
Lator Gator and your chosen payment processor takes on board any risk, any fees associated with transactions, and all you have to do it make regular payments.
They are both simple to sign up for during the checkout process, and you can view and manage purchases and payments via the respective member account once you’ve signed up.
Both Afterpay and Oxipay require a valid credit/debit card to sign up for an account. And both processors will take regular direct debits out of your account at fortnightly intervals.
Afterpay and Oxipay debit payments each fortnight from your nominated card, and you can’t make any changes to this payment schedule. You can however, pay it off sooner if you like through the member portal.
The difference between the two is small, and it comes down to fees.
Afterpay will debit a quarter of the purchase price every fortnight. If the money isn’t in your account, you’ll be given 24 hours to make the payment before being charged a $10 fee, and a further $7 will be charged if the payment remains unpaid after 7 days.
Oxipay also debits a quarter of the purchase price every fortnight, or one eighth every week. If the money isn’t in your account at the time, you will be charged a $6 fee immediately. A further $30 will be charged if Oxipay has to take steps to collect the outstanding balance from you.
Here’s a table to make your comparison easier:
| Afterpay | Oxipay | |
| Interest Free Period | No Interest | No Interest |
| Repayment Term | 8 Weeks | 8 Weeks |
| Upfront Fees | No | No |
| Ongoing Fees | No | No |
| Late Payment Fees |
- $10 for missed payment - $7 if it remains unpaid for 7 days |
- $6 for missed payment - $30 if Oxipay has to take steps to initiate collections |
| Payment Frequency | Fortnightly | Fortnightly or weekly |
| Payment Flexibility | No, you cannot change the payment schedule. | No, you cannot change the payment schedule. |
| Automatic Deductions | Credit/Debit Card | Credit/Debit Card |
| Eligibility |
- Australian resident - At least 18 years old - Have a valid and verifiable email address and mobile number - Be capable of entering into a legally binding agreement - Use an Australian credit or debit card to make the purchase |
- Australian resident - At least 18 years old - Have a valid and verifiable email address and mobile number |
| Credit Score |
Afterpay reserves the right to report negative activity to credit providers. |
Oxipay reserves the right to report negative activity to credit providers. |
| More Information | www.oxipay.com.au |
Make sure you consider all aspects of each platform before you decide which provider is right for you.
Feel free to contact us if you have any questions. #LaterGator
