Maybe it was Square acquiring Afterpay for $29 billion that enlightened you to the fact that Buy Now Pay Later is a hot business. Or maybe it was the fact that you see BNPL options at the checkout stage of almost every online shopping cart. Well, who exactly is doing the paying and are these tools a good idea for the average consumer? You’re asking the wrong guy. I’ve spent decades giving away my product for free. But here’s a pretty good overview of how these services work, their upsides, and their downsides. And reading it won’t cost you a penny (at least for now). The Markup: Are Buy Now, Pay Later Retail Loans a Rip-off? “Data suggests that at least in the case of this second category, the companies more often make their money from retailer commissions, not missed payments. A 2020 report by the Australian Securities & Investment Commission found that in Australia, merchant fees made up a lion’s share of those providers’ fiscal year 2018–2019 revenue.”

+ “You don’t reach 34,000 stores across the country (with a new location opening roughly every 6 or so hours) by operating at a net loss. You do so by tricking your customers into believing they’re getting great, cheap deals on name-brand items, when in fact they’re simply paying more for less product.” How dollar stores scammed America to become worth more than Coca-Cola.