Stripe announced that Apple Pay Later will now be offered and enabled as a default for all merchants who accept Apple Pay.
The Apple Pay Later support has been offered by Stripe to most merchants, however, this week will be the official rollout of the feature to everyone.
Stripe Promotes Apple Pay Later for All Merchants
Apple Pay Later was launched last year to allow customers to split their purchases into four equal payments within six weeks. The cost will remain the same with no fees or interest.
Starting this week, if a merchant uses Stripe, customers can choose to pay either in full or in installments. The Apple Pay Later option will be offered for merchandise ranging from $75 to $1,000 through Stripe. The system also prohibits additional surcharges to the purchase.
"The Mastercard Installments program enables Apple Pay Later through your existing Stripe integration, so it requires no additional integration work for eligible businesses that already have Apple Pay," Stripe explained.
How Apple Pay Later Works for Stripe
Apple Pay Later will be available for valid purchases made with an iPhone or iPad when customers choose to use Apple Pay. The feature is also built into Apple Wallet, making it easier for customers to track their transactions and payment schedules.
First-time users of Pay Later will have to complete Apple's application flow. Meanwhile, returning customers can complete their payments directly through the interface. Apple also assured that the feature will not affect their credit, however, loan and payment history may be reported to credit bureaus.
Stripe also announced that some businesses are restricted from using the platform such as gambling, public administration, money transfer, and more.
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