Clearpay (which is referred to Afterpay outside the EU) has announced it is making 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 successfully launched its in store ‘pay in 4’ offering to large merchants in November 2021.
According to the BNPL firm, store card payments represent over than 10% of the firm’s omnichannel merchants’ total volume, with a higher in store average order value when compared to online.
In order to make the most of the functionality, merchants need to simply 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.
“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,” Clearpay UK country manager Rich Baye said.
“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.”
According to fresh data from Clearpay, both Gen Z and Millenial customers are seeking to shop small, with 70% of all spend at small businesses originating from them.
Consumers spend from those two consumer groups 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.
