Six months after launching in store payments in November, Clearpay is widening its offerings to more businesses.
‘Buy now, pay later’ giant Clearpay is expanding its in-store payments to include small and medium-sized businesses across the UK.
The European brand of the Australian company Afterpay first launched its in-store ‘pay in four’ offering to large merchants last November, and is now broadening its scope.
Customers at small and medium-sized businesses will now be able to use a virtual, contactless Clearpay card to pay as they would online, in four interest-free instalments.
“Last year, we generated £69m in net economic benefits for our SMB partners, who are the lifeblood of our community.”
In-store payments currently make up more than 10 per cent of Clearpay’s omnichannel merchant total volume, no doubt helped by a higher average in store order value compared to online transactions.
Clearpay customer The Pet Van Store has been using the product for two years, with on average 40 per cent of the company’s sales going through the BNPL, according to the store’s director Leanne Nightingale.
“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,” Nightingale said.
The company’s research shows that Gen Zs and Millenials are particularly shifting their spending towards smaller businesses, making up 70 per cent of all money spent at small businesses.
With Clearpay offered in smaller stores, the company says it will allow SMBs to meet the younger demographic where they want to shop.