Cash App's convenience when making payments is mindblowing—and now, it has integrated a relatively new and flexible way to pay, Buy Now Pay Later, through a feature called Pay Over Time with Afterpay.
If you're looking to get this Pay Over Time feature on Cash App, I'll explain what this feature really is, how it works, and how you can use it for making payments.
What is Cash App Pay Over Time?
BNPL is gradually becoming the leading and flexible way to make payments stress-free. Many stores in the e-commerce sector have integrated this payment technology to offer the convenience consumers are looking for, especially those on a tight budget.
Cash App has leveraged this technology and now offers every Cash App user the possibility to shop now and pay on a set of installments. That's just what the Pay Over Time is all about.
Cash App is recently transitioning from the name "Pay Over Time" to "Pay Over Time with Afterpay". Don't worry if this sounds different for it—it is still just the same thing since Afterpay was the service provider behind the scenes.
Simply put, Cash App Pay Over Time is a financing feature provided by Afterpay in the app that allows eligible users to make purchases they can't afford at that time and pay for them in a set of installments.
If you're looking to make a large purchase while on a tight budget, you'll find this financing feature very interesting.
How Does Cash App Pay Over Time Work?
When you opt to use Cash App Pay Over Time at the time of purchase, your orders will be grouped under a section called the Pay Over Time Summary, which includes your order summary, of course, and the due dates that your installment payments are expected to be made.
If you accept and proceed, you'll be charged an initial amount just like with other BNPL services. This amount is also known as the down payment. This amount will be charged from your Cash App balance, and if the funds here aren't sufficient to cover the transaction amount, the remaining amount will be charged from your linked debit card.
The same process will repeat for the remaining installments until you are done with repaying the loan.
Now, one thing that I love about this transition to "Pay Over Time with Afterpay" is that you have the possibility to switch any eligible purchase to pay over time, even if you've already made the payment. That's awesome, right?
Well, I'll explain more about the eligibility in the next section, but just so you know, here's how to switch a payment already made to pay over time:
- Open your Cash App.
- Go to your Activity tab.
- Look for purchases that say "Pay over time available."
- Select the purchase and follow the instructions on the receipt to accept the loan
However, before you even consider switching, make sure the purchase was made with your Cash App card within the last 7 days and that the transaction amount was worth at least $25.
Before I forget to mention, you can repay the Pay Over Time Loan in four different ways as mentioned in the Terms, which include through;
- Automatic Payments: In this case, the installment amount will be automatically deducted from your Cash App balance or debit card, but you'll have to agree to the Autopay Terms before using this method.
- Optional Automatic Payments: With this one, you'll have the possibility to voluntarily opt for automatic prepayments.
- Manual Electronic Payments: This one is a viable alternative to automatic payments, where you'll be required to manually authorize electronic payments from your Cash App balance or linked debit card for the repayment of your loan.
- Mail Payments: If you prefer repaying by checks, you can mail your checks to Square's mailing address mentioned in the Terms.
Make sure the repayment method you choose fits your needs and is convenient for you as well.
What are the Requirements to Get the Cash App Pay Over Time with Afterpay Feature?
As earlier mentioned, the Pay Over Time with Afterpay feature is a financing feature, and just like similar services, you'll need to meet a set of requirements to use the feature.
Before the name update, it was really difficult to tell what requirements were needed to get you qualified to use Pay Over Time, just like it is with the borrow feature. But now, thanks to this update with Afterpay, Cash App has officially announced the requirements needed to get every user qualified for the feature.
That said, you'll need the following to qualify for Cash App Pay Over Time with Afterpay:
- You must be at least 18 years old.
- Your account must be verified and be in good standing.
- You regularly carry out transactions through the app.
- You must have an active Cash App card.
- Accept the Pay Over Time Terms.
If you meet the aforementioned requirements, there's a great chance that you can get qualified for Pay Over Time. And in most cases, you'll be able to see the Pay Over Time feature in the Cash App mobile app.
How to Use Cash App Pay Over Time
If you're used to Buy Now Pay Later services, then using Cash App Pay Over Time should be very easy for you, and even if you are new to the feature, it is still very easy to use.
So to use the Pay Over Time with Afterpay feature on Cash App:
- Shop at a retailer that accepts Cash App payments.
- When you're done picking items, proceed to the checkout.
- Once at the checkout, select Cash App as a payment method.
- Select "Pay Over Time with Afterpay" that appears underneath Cash App.
- After selecting the feature, you'll be shown an overview of what you should expect with using the feature, including the total cost, the installment amounts, and the repayment schedule.
- If you're okay with those, you can proceed with using the feature.
That's how you get to use the Pay Over Time feature on Cash App.
If you're looking to repay your loan through this feature, you can follow the steps below:
- Open your Cash App.
- Go to your Activity tab.
- Find the Afterpay purchase.
- Tap it and follow the instructions to pay back the loan.
It's always a good thing to set reminders so you won't miss out on your payments, because if you do miss an upcoming payment, your eligibility for the feature will be revoked.
Cash App Pay Over Time Limit and Interest
There's no specified limit for the Pay Over Time feature on Cash App. Each user is attributed a loan limit based on their account activity and creditworthiness.
As for the interest, this one can only be determined based on the purchase amount. Someone making a smaller purchase of $75 can't obviously pay the same interest as someone making a larger purchase of lets say $300. It doesn't make sense.
Cash App Pay Over Time Disappeared Today
If the Pay Over Time feature disappeared today in your Cash App mobile app, it, therefore, means you're no longer eligible for the feature as it stands. There's surely something you recently did that got your account ineligible.
In this case, you'll want to check your account activity thoroughly if someone did not gain unauthorized access to your account and did something you don't know. But in over 70% of cases, the best way to make the Pay Over Time feature appear back in your Cash App account is by remeting the requirements for the feature.
Cash App Pay Over Time Not Working
In most cases, the Pay Over Time feature might not work due to server downtime. Cash App uses different services to ensure each and every one of its services works properly. So if the Pay Over Time is not working on your end, you'll want to check the server status page to see if everything is good there.
If everything seems good on that end, I recommend contacting the support team through the app and reporting the issue.
Are There any Fees Associated with Cash App Pay Over Time?
Yes, there are fees for using Cash App Pay Over Time, especially if you are repaying through your linked debit card. In this case, only your financial institution can determine how much you'll be required to pay.
Also, you may be charged extra fees for late payments, so make sure you don't miss a payment schedule.
Can I Pay Off My Balance Early?
Yes, you can pay off your Pay Over Time balance early, even before the due dates. This will help you avoid some hefty fees you would pay, especially if you missed a payment.
What Happens if I Miss a Payment?
If you miss a payment, Cash App may charge a late fee, and it could affect your eligibility for future financing options. So always make sure that you have sufficient funds in your linked account to cover the loan repayment before any scheduled.
Can I Use Pay Over Time for All Purchases?
No, Pay Over Time is only available for select merchants and transactions within the Cash App ecosystem. A good way to know if a merchant will accept Pay Over Time is by checking at checkout to see if the option is available.
Final Thoughts
Cash App is definitely one of the payment services that has taken not just convenience but flexibility to the next level. Its Pay Over Time with Afterpay feature is just what day-to-day shoppers like you and I need in today's fast-growing economy.
With the Pay Over Time with Afterpay feature, you can now make larger purchases by splitting the cost of the purchase into a set of installments.
If you're an enthusiastic shopper on a tight budget, Pay Over Time is what you need to leverage the convenience this flexible payment option has to offer.