Websites using PayJustNow

Okay, let s break down PayJustNow, a South African buy now, pay later (BNPL) service.

What is PayJustNow?

PayJustNow is a buy now, pay later (BNPL) platform operating primarily in South Africa. It allows consumers to split their purchases into three equal, interest-free installments. The first installment is paid at the time of purchase, and the remaining two are automatically deducted monthly. It s designed to make purchases more accessible by spreading the cost over a short period.

How it Works:

1. Shop Online or In-Store: Consumers shop at participating retailers (online or physical stores) that offer PayJustNow as a payment option.
2. Choose PayJustNow at Checkout: During checkout, select PayJustNow as the payment method.
3. Sign Up/Log In: New users will need to create an account. Existing users log in.
4. Pay First Installment: Pay the first third of the purchase price.
5. Automatic Payments: The remaining two installments are automatically debited from the customer s account monthly.

Revenue Model:

• Merchant Fees: PayJustNow primarily generates revenue by charging merchants a fee for each transaction processed through their platform. This is typically a percentage of the purchase price. This fee is generally lower than traditional credit card fees, making it attractive to merchants.
• Late Fees (Potentially): While they promote interest-free payments, PayJustNow may charge late payment fees if installments are not paid on time. The specifics of these fees are usually detailed in their terms and conditions. It is in their best interest not to charge these fees as it makes their service less attractive and could lead to reputational damage.

Estimated Revenue:

PayJustNow is a privately held company, and precise revenue figures are not publicly available. Estimating revenue is difficult without knowing their transaction volume and merchant fee structure. However, considering the BNPL market growth in South Africa and PayJustNow s presence, they are likely generating substantial revenue. Without concrete figures, it s impossible to provide a reliable estimate.

Alternatives to PayJustNow (South Africa & Globally):

• Other BNPL Providers (South Africa):
  • Payflex: Another popular South African BNPL provider, similar to PayJustNow.
  • Float: Offers a revolving credit line that can be used for purchases.
  • MoreTyme (TymeBank): Integrated with TymeBank, offering BNPL options to its customers.
  • RCS: Offers store cards and BNPL solutions in partnership with retailers.

• Global BNPL Providers (May operate in South Africa or have similar models):

  • Afterpay (Acquired by Block/Square): A major player, though its availability in South Africa might be limited.
  • Klarna: A leading global BNPL provider with various payment options. Availability in South Africa may vary.
  • Affirm: Focuses on longer-term financing and larger purchases.
  • Zip (formerly Quadpay): Another popular BNPL platform.

• Traditional Credit: Credit cards, store credit cards, and personal loans remain alternatives for financing purchases.

Pricing (For Consumers):

• Interest-Free: The main selling point of PayJustNow is that it offers interest-free installments. As long as payments are made on time, consumers pay only the original purchase price.
• Late Fees: As mentioned before, late payment fees may apply if installments are missed. Consumers should carefully review the terms and conditions to understand the fee structure.

Pricing (For Merchants):

• Merchant Fees: Merchants pay a percentage-based fee on each transaction processed through PayJustNow. This fee is typically lower than traditional credit card processing fees. The exact percentage varies depending on factors like transaction volume and negotiated agreements.

Customer Care Details:

• Website: https://payjustnow.com/ - This is the primary source for information and support.
• FAQ Section: They have a comprehensive FAQ section addressing common questions.
• Contact Form: You can usually find a contact form on their website to submit inquiries.
• Email: They typically have a support email address (check their website).
• Social Media: Check for their presence on platforms like Facebook, Instagram, and LinkedIn. You may be able to contact them through direct messaging or comments. However, social media may not be the most efficient way to get support.
• Phone (Less Common): Some BNPL providers offer phone support, but it is becoming less common. Check their website to see if a phone number is listed.

Key Considerations and Potential Downsides (For Consumers):

• Overspending: BNPL can encourage overspending if not used responsibly. It s easy to accumulate multiple payment plans, leading to financial strain.
• Late Fees: Missed payments can result in late fees, which can add up quickly.
• Impact on Credit Score (Potentially): While many BNPL providers don t initially report to credit bureaus, late payments could potentially be reported, negatively impacting your credit score. Check PayJustNow s policy on this.
• Terms and Conditions: Always read the fine print to understand the terms, fees, and potential consequences of missed payments.
• Availability: PayJustNow is only available at participating retailers.

Key Benefits (For Merchants):

• Increased Sales: BNPL can attract more customers and increase sales by making purchases more affordable.
• Higher Conversion Rates: Offering BNPL at checkout can reduce cart abandonment and improve conversion rates.
• Attract New Customers: BNPL can attract a younger demographic and customers who might not have access to traditional credit.
• Competitive Advantage: Offering BNPL can differentiate a merchant from competitors.

In summary, PayJustNow is a popular BNPL service in South Africa that provides consumers with a way to split purchases into manageable installments. While it offers benefits like interest-free payments, consumers should use it responsibly and be aware of potential late fees. Merchants can leverage PayJustNow to attract more customers and boost sales.