KUALA LUMPUR, April 23 ― Buy Now Pay Later (BNPL) platform Atome has not too long ago notified all customers about their up to date Terms of Service. According to the e-mail, there are some slight adjustments to Late Payment Charge and the time period used for “service payment”. Upon nearer look, the late payment charge appears obscure, not like its present phrases of service.
Atome new Terms of Service from May 9, 2024
According to Atome, within the occasion of late funds, a late payment charge of RM23 shall be utilized. However, in sure instances, there shall be an extra penalty of RM7. This new replace will apply to orders created on and after ninth May 2024.
Under the present phrases, evidently the late payment charge is solely imposed in case your account is suspended. If that occurs, you’ll need to pay the late payment payment and the total excellent quantities due.
However, with the up to date phrases of service which can take impact in May 2024, the penalty is chargeable within the occasion of a non-payment. If your account will get suspended, then you’ll be required to pay all excellent quantities due together with the Late Payment Charge.
Another change is the way in which it describes the service payment which is basically an curiosity charge if you happen to make an extended installment durations of 6 or 12 months. The service payment shall be renamed to instalment charge beginning subsequent month, and the present charge is 1.5 per cent monthly. Atome nonetheless provides interest-free instalments if you happen to select to Pay in 3.
So what is the precise imposed late payment payment for Atome?
Under the present phrases, Atome has made clear that the Late Payment charge is RM23 for chosen retailers, whereas all different retailers shall be imposed a payment of RM30. Some of the chosen retailers embrace Machines, Switch, Urban Republic, Nike, Samsung, Xiaomi, Mydin, Isetan, ITWorld, All IT Hypermarket, Courts, TBM and extra. That’s fairly clear minimize however the identical can’t be mentioned for the new up to date phrases of service.
Atome didn’t clarify what kind of transactions will incur RM23 or RM30 penalty for late payment. Is it depending on how quickly the client settles the late payment or is it tied to a selected service provider? As a BNPL platform, it has to make its phrases clear with no ambiguity.
Of course, the easiest way to keep away from any further charge is to pay on time. According to Atome, they are going to ship in-app reminders 2 to three days earlier than the due date. If the auto-deduction to your saved payment card fails on the due date, your account shall be briefly frozen the following day. Once your excellent funds are settled, your account shall be reinstated and you’ll proceed to make use of Atome once more. ― eNM
