Clearpay, a key player in Buy Now, Pay Later payments known as Afterpay outside the United Kingdom and Europe, has made its in-store payment functionality available to SMBs across the UK’s high streets.
By providing installment payments in-store, Clearpay is supporting them to drive more footfall as well as increased sales.
Clearpay introduced its in-store‘ pay in 4’ offering to larger merchants in November 2021 and the results have been solid, the company claims.
Clearpay in-store card payments represent over 10% of Clearpay omnichannel merchants’ total volume, with a greater in-store average order value compared to online transactions.
Activating the functionality is straightforward, a merchant simply has to accept contactless payments. After an SMB accepts Clearpay Card payments in store, consumers may tap and pay with the Clearpay Card, a digital, contactless card stored in the Wallet app on iPhone or Apple Watch.
Somewhat like using Clearpay online, clients may pay for their in-store purchases in four installments, interest-free, supporting the small businesses on their local high streets.
Particularly during these difficult times, Clearpay is committed to supporting SMBs. During its recent three-day sale event, Clearpay Day, SMBs reported an increase in sales of 32% and a 33% surge in new active clients, 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 reveals that Gen Z and Millennials are interested in shopping small, with around 70% of all spend at small businesses coming from them.
Their spending on SMBs has surged 1500% since January 2020, and by providing Clearpay in-store, SMBs can address this demographic where they want to shop.