Can You Use Quadpay For Hotels

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Can You Use Quadpay For Hotels – Affirm Holdings (NASDAQ:AFRM), the company that offers “Buy Now, Pay Later” financing, has teamed up with Agoda, part of Booking Holdings (NASDAQ:BKNG), to offer travelers to pay for their hotel stays over time.

Eligible travelers will be able to split the total purchase price into either biweekly or monthly payments for as low as 0% APR on orders over $50, the companies said.

Can You Use Quadpay For Hotels

Can You Use Quadpay For Hotels

“Launching the option to pay at once with Affirm will allow travelers in North America who previously found it inconvenient to pay for their booking in one lump sum to spread the cost over several payments without incurring compound interest or additional costs,” said Agoda’s CFO Thi-Mai-Linh Bui.

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In addition to Agoda, Affirm’s ( AFRM ) travel retail partners also include American Airlines ( AAL ), Vrbo, Priceline and Vacasa. Affirmation has expanded its retail partners to reduce dependence on Peloton (PTON). In the year ending June 30, 2021, Peloton accounted for 20% of Affirm’s total revenue. By March 31, 2022, Peloton’s share of Affirm’s revenue had fallen to 8%.

Monday was a tough day for shares of Affirm ( AFRM ), which fell 12% in the regular trading session as investors feared the U.S. recession could be headed for a recession. In after-market trading, the share rose 0.5%.

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Installment services like QuadPay allow users to pay for their purchases over time without incurring interest. Here’s how it works—and how you can decide if it’s right for you.

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Between an ongoing explosion of payment technology and the closure of most stores during the coronavirus pandemic, online shopping has never been more frequent.

From home office equipment and fitness supplies to books, games and other entertainment options – not to mention grocery essentials – more and more people are turning to the Internet for what they need. And the way they pay for these purchases is also changing.

Can You Use Quadpay For Hotels

While fintech startups like Klarna and Afterpay have already grown before the pandemic, Morning Brew reports that these alternative payment solutions are “on the list of retail trends accelerated by the COVID-19 economy.” One of the most popular “buy now, pay later” services is QuadPay, which allows users to split the cost of their shopping trip into four equal payments.

Guide To Quadpay: Installment Payments With No Interest

If you think that sounds like a credit card, you’re right, but there is one notable exception: Purchases made with QuadPay will not accrue any interest – ever. Read on to learn more about how QuadPay works, the pros and cons, and how to get the most out of this installment plan.

Founded in 2018, QuadPay is a payment platform that gives customers a way to pay for their purchases in four interest-free installments spread over six weeks, rather than in one lump sum. When you choose QuadPay as your payment method, the company’s automated system evaluates your eligibility according to “customer review guidelines.” QuadPay doesn’t share the details of those policies, saying only that they “use information from a variety of third parties” to determine your eligibility.

If approved, you will pay more than 25% of the total amount at the time of purchase. The remaining 75% is split into three equal installments and automatically billed to the associated credit or debit card every two weeks until you pay in full. While QuadPay does not charge interest, customers pay a $1 “convenience fee” for each installment. However, as long as you make all payments on time, you will not pay any additional fees for using the service.

There are a couple of different ways to use QuadPay. Depending on whether the merchant you are buying from is a QuadPay partner, either option may work for you.

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The first, called QuadPay Checkout, is where you shop online directly from a partner retailer and select QuadPay as your payment method at checkout. You will see the QuadPay option in your shopping cart:

Once there, enter your mobile number so QuadPay can send you a confirmation code. (This is used in part to verify your identity.) You will be asked to create a QuadPay account by entering your date of birth and other basic personal information. This is also where you give QuadPay permission to evaluate your purchase request:

If you’re approved, QuadPay generates an installment plan based on your order total, and you link your credit or debit card to make your first payment:

Can You Use Quadpay For Hotels

Your card information is stored for future installment payments, which QuadPay automatically deducts every two weeks on the date you set. You can manually pay off your balance early without a down payment, but you can only pay one installment at a time. You won’t be able to make one lump sum payment and call it a day.

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Tip: QuadPay also allows you to make payments by physical check, although you must send your payment three to five days before the deadline to ensure that your account is credited on time. Note: Because your first installment is automatically charged to your payment card, you can only pay by check for the remaining three payments.

Because each order request is evaluated at the time of purchase, you can always try QuadPay again in the future if you are rejected the first time.

In addition to QuadPay Checkout, the other option, called QuadPay Mobile, allows you to shop in stores or online through the QuadPay app. Unlike QuadPay Checkout, you can make purchases with QuadPay Mobile at almost any merchant – not just those that work with the company. If a merchant accepts Visa, you can use QuadPay as a payment method.

To get started with QuadPay Mobile, download the app from either the Apple Store or Google Play Store and create your QuadPay account. After that, the process of making a purchase is largely the same, whether you buy from the couch or in a store. Here’s how to do it:

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First, open the QuadPay app. At the top of the screen, you will see two options: “Online” and “In store.” Tap on the one that applies to continue.

Next, enter the dealer’s name or website address in the search field. Once you have found the right store, press “Create a map.”

Then submit your purchase request by entering the amount you expect to spend. You will also have the option to add 10% to your purchase request to cover tax and, if applicable, shipping costs.

Can You Use Quadpay For Hotels

QuadPay recommends overestimating how much you need, either in the previous step or by adding this discretionary 10%. If the amount requested is not high enough, your purchase will be rejected. But don’t worry: if you don’t use the entire amount, what’s left will be refunded to you.

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Once you have selected a purchase amount, the estimated payment and due date are displayed on the screen. You must agree to the $1 “convenience fee” per installment along with the QuadPay Customer Agreement.

You will then see a message informing you of a temporary hold on your payment card for the first installment. When you press “Next”, your QuadPay virtual card number, expiry date and CVC will be displayed at the bottom of the screen.

If you pay through the app, you simply copy and paste the card information into the appropriate fields during checkout. If you pay at the retailer yourself, give your QuadPay card to the retail clerk for manual entry.

Alternatively, if your business accepts Apple Pay, you can add your card to Apple Wallet and hold your phone up to the contactless reader to complete the purchase. Note that QuadPay does not currently support Google Pay, but plans to do so in the future.

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Whether you choose QuadPay Checkout or QuadPay Mobile, there are pros and cons that you should keep in mind when using the installment payment service. Here’s what you need to know:

If you use a rewards credit card to make partial payments, you can earn points or cash back on your QuadPay purchases. But if you think there’s a chance you won’t be able to pay your credit card bill in full each month, link your QuadPay account to a debit card to eliminate potential interest charges.

Because late payments can incur fees (not to mention damage your credit), make sure you have enough money on your debit card to cover each installment. If you miss a payment, contact QuadPay for a late fee refund once you’ve updated your account.

Can You Use Quadpay For Hotels

You can have multiple QuadPay installment plans at the same time, but don’t take out more than you can afford

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