Apple Pay Later officially began rolling out a year ago. This feature gives users the ability to easily split in-app and online Apple Pay purchases into four equal payments over six weeks without any fees or interest.
While Apple Pay Later has been widely available at many retailers since last year, Stripe announced this week that Apple Pay Later is now enabled by default for all merchants that accept Apple Pay.
Stripe has supported Apple Pay Later for most merchants since last March, but this week the feature will officially roll out to everyone. Specifically, this option is now enabled by default for all Stripe merchants that accept Apple Pay, the company explains.
This means that when you pay online or in an app with a merchant that uses Stripe to process payments, Apple Pay Later will now be available almost everywhere. Using the Apple Pay payment form, you can choose between paying in full or paying in installments. Apple Pay Later is an option for purchases between $75 and $1,000 when using Stripe.
Stripe says:
Apple Pay Later is Apple Pay's buy now, pay later feature that allows customers in the US divide purchases into several equal parts over six weeks. Apple supports and manages payments, and businesses are paid the full amount in the same way as when using Apple Pay.
The Apple Pay Later process begins with the user applying for a loan, which can be done directly during checkout or in the Wallet app at any time. This “will not impact their creditworthiness,” Apple says, but credit and payment history may be reported to credit bureaus. In fact, Apple and Experian officially announced their partnership this month to bring Apple Pay Later to Experian's credit reports.
For more information about this feature for merchants, including how to opt out, Stripe can find it on their website.
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