AFTERPAY CEO ON THE UPS AND DOWNS OF STARTING UP AND WHY YOU NEED TO 'RUN THROUGH WALLS'

WHILE at University, Nick Molnar was the biggest seller of jewellery on eBay in Australia. No easy feat, considering the site is the most popular online shopping destination in the country, with jewellery being one of the biggest sellers.

Molnar, now 27, runs one of Australia's fastest growing businesses and was named one of Forbes' 30 Under 30 this year as the CEO of Afterpay Holdings Limited (ASX: AFY).

Afterpay was founded in 2014, went public in May 2016 and raised $25 million from its IPO which allowed Molnar to take his system offline and into stores.

The Afterpay system is described by Molnar as one of the only "win-win" options in the market currently, delivering positive returns for both customers and merchants.

Retailers can elect to allow the use of Afterpay as a payment option online and in-store and customers, instead of paying the entire price of an item upfront, instead pay fortnightly installments.

Customers walk away with the product instantly, and retailers receive the money instantly from Afterpay. The differentiating factor from traditional lay-by solutions: Afterpay doesn't take a single fee from the customer.

Instead, retailers pay a small fee for the use of the service. Molnar says this is the win-win scenario because customers are more willing to pay these smaller installments over a period of time rather than hundreds of dollars upfront, meaning retailers see a higher rate of customers shopping with them over their competitors. Read more

David Simmons - Business News Australia - 16 June 2017

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