AfterPay Consumer Terms & Conditions
The AfterPay Consumer Terms & Conditions contain Terms & Conditions for all AfterPay Payment Options:
Terms & Conditions for AfterPay Invoice Options
1. Terms for invoice payment
The merchant offers payment after delivery services in co-operation with AfterPay. To be able to pay with AfterPay you have to be at least 18 years old and have a Swedish registered postal address. At the time of purchase, AfterPay carries out a summary credit check. If you are not able to pay by invoice, you may choose another payment option available in the checkout.
If you choose to pay by invoice, the merchant transfers the claim for payment to AfterPay. Payment is due 14 days after the invoice has been sent to you. If payment is late, a late payment interest at the rate of 24 percent per year is charged. AfterPay will also send you a reminder, for which a reminder fee of SEK 60 will be charged.
When you have completed your purchase, you will receive a confirmation from AfterPay to the e-mail address you have given at the time of the purchase. The e-mail will include a link to MyAfterPay, where you are able to snooze, split or pay your invoice. When splitting your payment, the Contractual Terms & Conditions for AfterPay Part Payment Options apply.
2. AfterPay’s processing of personal data
When you choose to pay by invoice AfterPay, under the company name Arvato Finance AB, will process your personal data as controller. Your personal data is processed for, inter alia, the performance of the contract and in order to perform identification and credit validation checks via external and internal databases. For detailed information about AfterPay’s data processing and your right in connection to AfterPay’s data processing, see AfterPay´s Privacy Statement
Contractual Terms & Conditions for AfterPay Part Payment Options
This contract concerns the AfterPay Part Payment options: AfterPay Flex Payment and AfterPay Fixed Instalments. For purchases in excess of SEK 200 the consumer has an option to choose AfterPay Flex Payment or AfterPay Fixed Instalments to complete payment. If the consumer chooses one of these payment alternatives, a credit agreement will be arranged between AfterPay and the consumer. Through the credit agreement the consumer will be given a credit limit that can be used to pay for goods and services provided by Merchants that offer AfterPay’s Part Payment Options. AfterPay gives the consumer the opportunity to settle the payment in installments via the AfterPay Monthly Invoice.
2. Contract parties
The parties to this contract are the Credit Receiver and AfterPay.
The Credit Receiver is a consumer who has applied for credit and been approved (hereafter “Credit Receiver”). The Credit Receiver must be over 18 years of age, have a Swedish personal identity number, and be registered in Sweden.
AfterPay, with the company name Arvato Finance AB, corporate identity no. 556495-1704, Box 1143, 432 15 Varberg, Sweden. Telephone no: 00 46 340-59 61 01. Email: email@example.com, www.afterpay.se.
Arvato Finance AB is a consumer credit institution that comes under the supervision of the Swedish Financial Supervisory Authority and the Swedish Consumer Agency.
3. Contract parties
Credit Receiver: The individual who has applied for credit and been approved for account payment or installment-payment at AfterPay.
Merchant: The store or online store that partners with AfterPay and offers any of the AfterPay Payment Options.
Credit receivable: The total amount of approved credit (credit amount) and the cost of the credit.
Credit cost: The total amount of interest, fees and other costs that the Credit Receiver will pay relating to the credit.
Effective interest: Effective interest is interest on the credit, fees and other costs that shall be paid in relation to the credit, indicated as annual interest calculated on the credit amount.
Effective interest and the credit cost are presented as a representative example and depend upon utilized credit, how the credit is used and how it is paid.
4. Inspection authority
The inspection authorities are the Swedish Consumer Agency, Box 48, 651 02 Karlstad, www.konsumentverket.se, and the Swedish Financial Supervisory Authority, Box 7821, 103 97 Stockholm, www.fi.se
5. Application for credit
Applications for credit within AfterPay’s part payment options may be made either via the (1) the Merchants digital touch points or via (2) MyAfterPay.
Following a purchase, an invoice will be distributed digitally, or by post, to the consumer. On the invoice the consumer will receive a link to the MyAfterPay digital touch point with the call to action to sign the credit agreement.
The choice of a part payment done within MyAfterPay, after previously having selected an invoice solution at checkout, triggers the signing of the credit agreement directly.
6. Credit assessment and approval of credit
To receive credit it is required that the consumer submits all requested information and then gives approval of the contractual terms and conditions. If this does not happen then an invoice will be generated informing that the amount shall be paid in full.
The consumer has the option to submit information and approve the contractual terms and conditions for the AfterPay Part Payment options via MyAfterPay up until the time when the invoice is transferred to debt collection.
In connection with an application for credit, AfterPay performs a credit assessment whereby AfterPay assesses whether the consumer has the economic capability to fulfill the payment obligation.
The credit assessment is based on information regarding the consumer that AfterPay obtains from credit information agencies as well as the information provided in the consumer’s application and information AfterPay already might posses.
If the consumer does not meet the minimum requirements for receiving a credit or if the payment capability does not exist then notification will be given that the credit application has been rejected. A consumer who has been denied credit may request a re-assessment. Contact details for re-assessment of a decision are provided in section 2. For a re-assessment of a credit decision to be granted, the consumer must submit written documentation, e.g. a verification of income from an employer.
The consumer will receive notification of a new decision after re-assessment at the latest on the working day after AfterPay has received the documentation.
7. Credit assessment and approval of credit
Credit will be made available as soon as the contract has been established between the Credit Receiver and AfterPay. Credit cannot be used for cash withdrawals.
8. Costs for AfterPay Part Payment Options
Costs for AfterPay Flex Payment comprise a credit interest, currently at the yearly interest rate of 19,5 % of the credit amount, and a monthly notification cost of SEK 29. The credit interest is applied and capitalized every month.
AfterPay Flex Payment:
- Registration fee: SEK 0
- Notification fee: SEK 29
- Yearly Credit interest: 19,5%
For example, if the Credit Receiver makes a purchase for SEK 10,000 and divides the payment over 12 months then the effective annual interest rate will be 28.72%. The total amount to pay will be SEK 11,435 in this example.
The costs for AfterPay Fixed Instalments comprise a registration cost, as shown below, and a monthly notification cost of SEK 29. For the 12, 24 and 36 month alternatives there is a credit interest, currently at the yearly interest rate of 9,95%, of the credit amount. The credit interest is applied and capitalized every month.
AfterPay Fixed Instalments:
- Months: 3, 6, 12, 24, 36
- Registration fee: SEK 95 (3 months), SEK 195 (6 months), SEK 195 (12 months), SEK 295 (24 months), SEK 295 (36 months)
- Notification fee: SEK 29
- Yearly credit interest: 0% (3 months), 0% (6 months), 9,95 % (12 months), 9,95 % (24 months), 9,95 % (36 months)
For example, if the consumer makes a purchase for SEK 10,000 and divides payment over 12 months then the effective annual interest rate will be 21.85%. The total amount to pay will be SEK 11,090 in this example.
More generic information on the Credit Agreement of the AfterPay Part Payment option can be found within our Standard European Consumer Credit Information.
9. Costs for AfterPay Part Payment Options
The Credit Receiver must ensure that login details for MyAfterPay are not divulged or used by unauthorized persons.
The Credit Receiver shall always have the right, without additional charge, to pay off the credit fully or partly in advance.
The Credit Receiver shall pay as a minimum the amount indicated on the AfterPay Monthly Invoice sent to the Credit Receiver. The minimum amount to pay is due 12 days after the invoice has been sent. Payment shall be made to the indicated bankgiro number and shall be at AfterPay’s disposal on the due date at the latest. This can be done directly and automatically via MyAfterPay.
The minimum amount to pay for AfterPay Flex Payment is 10 per cent of the credit amount. The following table shows some examples of the minimum to pay amount within AfterPay Flex Payment:
|Credit amount||Minimum to Pay per month|
|0 – 500 SEK||50 SEK|
|500 – 1 000 SEK||100 SEK|
|1 000 – 1 500 SEK||150 SEK|
|1 500 – 2 000 SEK||200 SEK|
|2 000 – 2 5000 SEK||250 SEK|
|2 500 – 3 000 SEK||300 SEK|
With the payment option AfterPay Fixed Instalments the credit amount, including applied credit interest and contractual fees, are to be paid in equal instalments every month. Payment shall be settled in the following order: fees, credit interest and principal claim. The following example illustrates the minimum monthly payment within AfterPay Fixed Instalments:
|Credit amount||Chosen payment option||Amount to pay per month|
|3 000 SEK||6 months||529 SEK|
|5 000 SEK||12 months||471 SEK|
11. Payment plan
The Credit Receiver has the right to obtain on request and without charge a summary of when the capital, credit interest and fees are to be paid (payment plan).
12. Payment free month
The Credit Receiver has, wherever payment terms and conditions are fulfilled, the right to two payment-free months per twelve-month period. Between each payment-free month, four correct monthly payments must be made. The first payment-free month can be used only after the Credit Receiver has completed four monthly payments of the minimum amount to pay or a higher amount. To use a payment-free month, the Credit Receiver must contact AfterPay's customer service no later than two weeks before the current payment is due to be at AfterPay’s disposal.
13. Credit interest rate
AfterPay may change the interest rate on the credit due to political decisions concerning credit, changed borrowing costs for AfterPay or other cost changes that AfterPay could not reasonably have predicted when the credit was agreed. AfterPay shall notify Credit Receivers of a change in the interest rate on the credit before the change begins to apply.
Unless payment is made in accordance with the terms of this credit agreement, AfterPay will charge the Credit Receiver a late payment fee of SEK 80. AfterPay also has the right to charge a late payment interest at the current interest rate of 19,5 % per year on the amount that has fallen due, including principal amount, applied credit interest and contractual fees. In addition, a payment reminder will be sent whereby AfterPay will charge a reminder fee that is currently SEK 60. The Credit Receiver is also required to remunerate AfterPay for any debt collection charges.
15. Termination of credit for early payment
AfterPay may terminate the credit in advance at the time when AfterPay determines if any of the following circumstances exist: a) the Credit Receiver is late by more than one month with the payment of an amount exceeding 10% of the credit claim; b) the Credit Receiver is late by more than one month with the payment of an amount exceeding 5% of the credit claim and the delay refers to two or more items that have fallen due at different times; c) the Credit Receiver is in any other way significantly late in making a payment; d) it is clear that the Credit Receiver through non-compliance, hiding property or in any other way tries to avoid paying off the debt.
If AfterPay wants to be paid in advance in accordance with paragraphs a)-c) above, a notice period of at least four weeks is applicable from the date when a notice of termination from AfterPay has been received by the Credit Receiver. If AfterPay has demanded payment pursuant to points a)-c), the Credit Receiver is nevertheless not obliged to pay in advance if, before the expiration of the notice period, the Credit Receiver pays the amount that has fallen due, including principal claim, applied credit interest and applied contractual fees, as well as applied interest for late payment.
Complaints concerning goods or services paid via AfterPay shall be directed to the Merchant. For credit purchases in Sweden, the Credit Receiver may make the same complaint to AfterPay as against the Merchant (see section 29 of the Consumer Credit Act).
17. Contract period
This credit agreement is valid until the credit has been repaid.
18. Termination of credit agreements
The Credit Receiver may, for whatever reason, terminate this credit agreement with one month's notice period. AfterPay, for objectively justified reasons, may terminate this credit agreement with a two-month notice period. If the Credit Receiver dies, becomes bankrupt or if a trustee is appointed in accordance with chapter 11, section 7 of the parental legal code, the credit agreement shall be terminated with immediate effect as soon as AfterPay has been informed of the circumstance. In addition, AfterPay has the right to terminate this agreement with immediate effect if required to in order to comply with the Anti-Money Laundering Act (SFS 2017:630).
If the credit agreement has been terminated, the applicable terms and conditions of the contract shall remain valid until the credit, including credit interest and fees, have been repaid in full.
19. Change to terms and conditions
AfterPay has the right to change these terms and conditions without prior approval of the Credit Receiver. Changes shall come into force no earlier than one month after the Credit Receiver has been informed of the changes. If the Credit Receiver does not accept the changes, the Credit Receiver may terminate the credit agreement. Such termination shall be received by AfterPay no later than 14 days before the date when the changes would come into effect. The termination then applies from the date on which the changes would have come into effect.
If the credit agreement has been terminated, the unchanged terms apply in applicable areas until the credit, including credit interest and fees, have been repaid in full.
20. Right of cancellation
Creditors have the right to withdraw from this credit agreement by notifying AfterPay within 14 days from the date when the credit agreement comes into effect, but at the earliest date from the date of receipt of these terms and conditions and of other information about this credit agreement. The Credit Receiver shall, within 30 days from the date on which the Credit Receiver notified AfterPay that the credit agreement is to be terminated, pay back the utilized credit amount plus accrued credit interest.
AfterPay issues terms, information and notices under this credit agreement in a document or other legible and durable form to the Credit Receiver unless otherwise stated in this credit agreement. Information during the agreement period is sent by mail, e-mail or sms (text message) to the addresses specified by the Credit Receiver to AfterPay or to the Credit Receiver’s registered postal address.
22. Notification of changed contact details, etc.
The Credit Receiver shall inform AfterPay of changes to contact details such as change of name, address, email and phone number.
The Swedish language shall be used for the contractual relations and communication between the parties.
24. Limitation of liability
AfterPay is not responsible for damage caused by unusual or unpredictable circumstances that AfterPay has no influence over and whose consequences would have been impossible for AfterPay to prevent. AfterPay is not responsible for any damages resulting from Swedish law or EU regulation, government action, war event, strike, blockade, boycott, lockout or other similar circumstance. Damage incurred in other cases shall not be remunerated by AfterPay if AfterPay has shown due care. In the event that the Credit Receiver is entitled to compensation for damage, compensation will never be paid in excess of the credit amount granted to the Credit Receiver at the time the damage occurred.
25. Applicable law and court
Swedish law applies to this credit agreement. Disputes under these terms and conditions shall be tried at a general court. In case of dispute, the consumer may also contact the General Complaints Board, Box 174, 101 23 Stockholm. Notification to the board must be in writing. Specific values and time limits apply before the board will investigate a case.
26. Personal data
The protection of your privacy is of the utmost importance to us. AfterPay processes personal data in order to confirm your identity, assess on which payment option to offer you, administrate the customer relationship, to prevent abuse or misuse of AfterPay, to conduct customer and risk analysis and risk management, for the prevention of money laundering, and to comply with general legal requirements. Personal data is information that can be directly or indirectly linked to you.
Below are examples of personal data that AfterPay may process:
- Contact information – name, address, date of birth, Social security number. email address, telephone number, etc.
- Payment information – invoice information, bank account number etc.
- Financial information – your income, potential credit commitments, negative payment history
- Information on goods/services – details about the items you purchase
- Historical information – your purchase, payment and credit acceptance history
We reuse the data you previously provided to us and we may share your information with credit reference agencies and providers of identity lookups and anti-money laundering screening companies, for the purpose of assessing your credit score and risk assessment upon applying for one of our payment methods, and for confirming your identity and address information.
If you have used AfterPay´s services previously, there might be information stored about you, e.g. for customer administration, documentation requirements or similar approved purposes. Where available AfterPay will use such information to confirm your identity and simplify your use of AfterPay. AfterPay may use electronic communication (through for example text messages and e-mail) in contacts with you. You are entitled to request access to data, edit incorrect data relating to you or inform us that you no longer wish to have your personal data stored. The request can be sent by e-mail to firstname.lastname@example.org .
Data may also be provided to the merchant from which you made your purchase (for administrative purposes) and to authorities and other governing bodies if AfterPay is legally required to do so. AfterPay may also share your personal data with other companies within the Arvato Financial Solutions group. Arvato Finance AB is the data controller for the processing of your personal data. Please see AfterPay´s Privacy Statement for AfterPay´s full description of AfterPay´s processing of personal data.
AfterPay retains the right to transfer or pledge the agreement to another party without the consent of the Credit Receiver. The Credit Receiver is not entitled to transfer the credit to another party without written permission from AfterPay.
Revision Date: 12.05.2018
Version Number: 1.20