Square sellers across the UK get to offer BNPL through Clearpay
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.
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.
“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.”
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.
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.”