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.