Buy Now Pay Later (BNPL) the modern version of lay-buy, without the wait, is targeted at young people wary of credit card debt who can have it now without interest, by entering a payment plan for a specific purchase. The scheme is growing, largely unregulated and earned almost $400 million from small business in 2018-19 and by all accounts this has increased in 2019-20. ASIC recently looked at  the schemes and issued a report, available on their web site. This report focused on the services offered and the customers, and largely ignored the merchants in the middle, who pay between 3-7% of the transaction, when  they chose to participate in the scheme. COSBOA is surveying the "missing middle," the merchants who use and pay for BNPL and whose voice has been absent from meaningful discussions around regulating this new “fin-tech”. The Australian Federal Government has a number of consultation processes underway, including the Payments System Review which closes on 31 December 2020. This information will inform COSBOA as it responds to Government consultation and develops policy.

Please circulate this survey to anyone who is using BNPL.