THE RISE OF AFTER PAY, A STORY ABOUT ADAPTING TO REACH A LARGER MARKET

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I’m sure you’ve heard the saying “if it ain’t broke, don’t fix it”. And of course, if something is working well, why would you want to change anything?  However, sometimes a few tweaks can make that “something” even better.

Consider online shopping – clothes, books, gadgets, toys, music, all just a click or two away from being ours.  Yet it doesn’t work for everyone, not every buyer can immediately pay the full price for more costly items.

In the “old days”, when we shopped, in-store we might have considered a layby when we couldn’t immediately afford something, paying our purchase off over a period of time and then picking it up.

Well some clever entrepreneurs have applied that principle to online shopping.  If you don’t have $159.95 on hand to buy the latest dress Bella maxi dress from Sheike you can choose After Pay and pay four interest free payments of $39.99 over eight weeks – something that is much more achievable financially.  And, unlike layby, you get your goods straight away – no waiting.

More and more businesses are starting to use After Pay and it has opened online shopping up to a whole new market. While the original model wasn’t broken, a few tweaks made it even better, resulting in more sales for retailers and allowing more buyers to take advantage of online shopping.

The auction process has undergone a similar change over the last year or so.

We know auctions get a great result for sellers, but the ability to bid has been limited to cash buyers, subject to finance buyers had to wait in the wings, hoping the property would get passed in so that they might have the chance of making an offer.

That’s no longer the case, subject to finance auctions are becoming more common, and allow subject to finance bidders to bid alongside cash buyers and have an equal chance of winning the property.

As a result, auctions are now accessible to more buyers, opening a property up to a broader market. Giving more buyers a chance to bid and compete for the property results in an optimum outcome for the seller – and who wouldn’t want that!

Contact us for more information on subject to finance auctions and how they can work for you.