Square Sellers across the UK Can Now Offer Buy Now, Pay Later Through Clearpay
August 23 2022 - 04:01AM
Business Wire
Today, Square launches its first integration with Clearpay in
the UK, providing “Buy Now, Pay Later” (BNPL) functionality to
sellers across online and in-person commerce. This marks another
key milestone in the global integration of Clearpay (known as
Afterpay outside the UK and Europe) following the acquisition of
Afterpay by Block, as the UK will be the first market to launch
BNPL available across all platforms at the same time, including
in-store, online and can also be integrated by Square’s developers
and partners.
“Since opening our website in the pandemic and incorporating
Clearpay into our payment systems, we were very pleased to be
informed that Square would be integrating Clearpay directly into
its ecosystem,” said Jane Lyon, Founder of Lornashouse Lifestyle.
“We have been delighted with Square since leaving our previous
legacy terminals and commerce solutions behind. Our website proved
that many customers like the experience of spreading payments, so
it’s great that business owners can offer this solution and meet
their customer needs while having all the tools they need in one
place.”
The integration will enable Square sellers in the UK to offer a
BNPL solution that allows customers to pay in four interest-free
instalments over a six-week period while merchants get paid right
away.
- For online purchasing, Clearpay will now be embedded as a
payment option within Square Online’s checkout system, giving
sellers the opportunity to improve their average purchase size,
increase basket conversion and attract more customers.
- Sellers will be able to accept Clearpay in-person at the buyer
checkout stage through any Square point of sale software - Square
Point of Sale, Square Appointments, Square for Retail, and Square
for Restaurants.
- Developers can consolidate transaction data and build and
maintain a single integration for Square and Clearpay payments with
a few lines of code within the Square Web Payments SDK.
- Sellers who accept payments via Square’s Virtual Terminal
dashboard can offer Clearpay via text message Pay Links or by using
Square Terminal hardware.
“We’re thrilled to be integrating Clearpay both in-store and
online in the UK,” said Alyssa Henry, Head of Square. "The
integration across platforms furthers our goal to give sellers of
all sizes omnichannel tools that help them to grow by meeting
consumer shopping habits, whatever and wherever they are. Clearpay
provides our ecosystem with a new tool beyond an alternative
payment method; it enables an omnichannel commerce solution that
can offer true value to our sellers.”
The BNPL model is the UK’s fastest growing online payment method
accounting for nearly £13 billion of UK e-commerce spend in 2021.
It is projected to double in value by 2025 to account for 12.1
percent (nearly £32 billion) of UK e-commerce spend. Globally, BNPL
is predicted to generate $680 billion in transaction volume
worldwide in 2025.
Since integration has taken place across the U.S and Australia,
a combined Square and Clearpay has already proven to attract new
shoppers and drive incremental revenue for sellers of all sizes.
Sellers using Square Online are seeing the following impact on
their businesses:
- Transaction sizes are up: Across both the U.S. and
Australia, the average transaction size with Afterpay is 3x greater
than non-BNPL purchases.
- Rapid growth in buyers: Globally, we observed a 180 per
cent increase in new consumers leveraging Afterpay through Square
sellers between February and March 2022.
- Meaningful growth among key merchant categories: In the
U.S., retail businesses that offered Afterpay as a payments option
on their website are seeing a meaningful lift in overall online
sales, with men’s and women’s clothing stores growing 17 per cent;
specialised apparel and accessories, 15 per cent; pet stores, 13
per cent; sporting goods stores, 12 per cent; and jewellery and
watch shops, 10 per cent. In both countries, beauty and personal
care businesses saw significant upticks in online sales,
registering a 26 per cent increase in Australia and a 16 per cent
increase in the U.S.
Rich Bayer, UK Country Manager at Clearpay, said, “We’re
delighted to make Clearpay available to Square’s sellers to help
them grow their businesses. These businesses can now offer more
payment flexibility to their customers via Clearpay, giving them
the tools to attract young and engaged shoppers who want BNPL as
their preferred payment method.”
Clearpay is available today to eligible sellers in the UK using
https://squareup.com/gb/en/buy-now-pay-later.
About Square
Square helps sellers more easily run and grow their businesses
with its integrated ecosystem of commerce solutions. Square offers
purpose-built software to run complex restaurant, retail and
professional services operations, versatile e-commerce tools,
embedded financial services, buy now, pay later functionality
through Afterpay/Clearpay, staff management and payroll
capabilities, and much more – all of which work together to save
sellers time and effort. Millions of sellers across the globe trust
Square to power their business and help them thrive in the economy.
Square is part of Block, Inc. (NYSE: SQ), a global technology
company with a focus on financial services. For more information,
visit https://squareup.com/gb/en
About Clearpay
Afterpay, known as Clearpay in the UK and Europe, is
transforming the way we pay by allowing customers to buy products
immediately and pay for their purchases over four instalments. The
service is completely free for customers who pay on time - helping
people spend responsibly by paying over four instalments without
incurring interest. As of March 31, 2022, Afterpay is offered by
more than 144,000 of the world’s favourite retailers and more than
20 million active customers have adopted the service.
Afterpay is currently available in Australia, Canada, New
Zealand and the United States, and in 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).
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