Clearpay Extends In Store Payment Option To Small and Medium Retailers
Flexible instalment payments now possible with Clearpay at fan-favourite small businesses nationwide to help boost sales
LONDON, May 26, 2022 — Clearpay, a leader in “Buy Now, Pay Later” payments known as Afterpay outside the UK and Europe, has made its in-store payment functionality available to small and medium sized businesses (SMBs) across the UK’s high streets. By offering instalment payments in store, Clearpay is supporting them to drive more footfall and more sales.
Clearpay launched its in store ‘pay in 4’ offering to large merchants in November 2021 and the results have been compelling. Clearpay in store card payments represent more than 10% of Clearpay omnichannel merchants’ total volume, with a higher in store average order value when compared to online .
Activating the functionality is quick and easy, a merchant simply needs to accept contactless payments. Once an SMB accepts Clearpay Card payments in store, shoppers can tap and pay with the Clearpay Card, a virtual, contactless card stored in the Wallet app on iPhone or Apple Watch. Just like using Clearpay online, customers can pay for their in store purchases in four instalments, interest free,supporting the small businesses on their local high streets.
Especially during these more challenging times, Clearpay is committed to supporting SMBs. During its recent three-day sale event, Clearpay Day, SMBs saw an uplift in sales of 32% and a 33% increase in new active customers, demonstrating the love that Clearpay’s three million UK customers have for shopping small.
Rich Bayer, Clearpay’s UK Country Manager, said: “Clearpay has become an important sales channel for our UK merchant partners, the majority of which are SMBs. Last year, we generated £69 million in net economic benefits for our SMB partners, who are the lifeblood of our community. With initiatives like our in store solution and Clearpay Day, we’re delighted to play our part in helping SMBs continue to grow and become even more profitable.
Leanne Nightingale, Director at The Pet Van Store in Hull, said: “We’ve offered Clearpay on our website for two years and on average, 40% of our sales go through Clearpay, so we know that it’s an important flexible payment option for our customers online. Those visiting our store have told us that they want to be able to pay for their in store purchases in interest free instalments, so we’re thrilled to make this possible for them and we’re confident that by introducing Clearpay at our physical checkout too, this will help us to drive more sales.”
Clearpay data shows that Gen Z and Millennials in particular are looking to shop small, with 70% of all spend at small businesses originating from them. Their spending on SMBs has increased 1500% since January 2020, and by offering Clearpay in store, SMBs will be able to meet this demographic where they want to shop.
More information about Clearpay’s in store solution can be found here.
About Clearpay (Afterpay Limited)
Afterpay Limited, known as Clearpay in the UK and Europe, is transforming the way we pay by allowing customers to receive products immediately and pay for their purchases over four instalments, always interest-free. The service is completely free for customers who pay on time – helping people spend responsibly without incurring interest. As of March 31, 2022, Afterpay is offered by nearly 144,000 of the world’s favourite retailers and more than 20 million customers customers have adopted the service.
Afterpay is currently available in Australia, Canada, New Zealand, the United States and the United Kingdom, France, Italy and Spain where it is known as Clearpay. Afterpay is on a mission to power an economy in which everyone wins. Afterpay is a wholly owned subsidiary of Block, Inc. (NYSE: SQ).