Clearpay and Stripe join forces to offer ‘Buy Now, Pay Later’ option for merchants
Clearpay is joining forces with Stripe to offer its ‘Buy Now, Pay Later’ service to merchants. The move will make it easier for shoppers buying through e-commerce and retail outlets to choose a more flexible payment option at the checkout.
Businesses that are using Stripe can be configured to start using Clearpay in just a few minutes. The benefits of signing up for the service include no application process, onboarding or underwriting procedures are involved in order to get up and running.
Alongside boasting obvious appeal for the small business e-commerce community, the collaboration between Clearpay and Stripe will also see the payment service extended to high-profile e-commerce platforms. Squarespace has already signed up to take advantage of the partnership and plans to offer Clearpay to its customers shortly.
Squarespace is well known for offering its all-in-one website building service. Adding the convenience of the Clearpay ‘Buy Now, Pay Later’ option will give business owners extra flexibility when online shoppers head to the POS terminal. Merchants can create a fully integrated checkout experience, while retaining their own brand identity.
Buy Now, Pay Later
“Stripe is delighted to partner with Clearpay to make it easy and fast for online businesses to offer their customers Buy Now, Pay Later. We’ve seen strong demand from users around the world for flexible payment options, and this partnership gives businesses on Stripe an effective tool for capturing more sales and reaching new customers,” said Noah Pepper, Stripe’s Business Lead for APAC.
Clearpay’s service is increasingly appealing to consumers despite some negativity being shown towards the ‘Buy Now, Pay Later’ business model. It allows them to receive products immediately while spreading payments for their purchases over four installments, on an interest-free basis.
“Millennial and Gen Z consumers are demonstrating a clear preference for flexible payment options that allow them to budget and spend responsibly,” said Ben Pressley, Clearpay’s SVP of Global Sales Strategy and Operations.
“By partnering with Stripe and Squarespace, we’re equipping retailers with the tools to meet this consumer demand – offering the younger generation a way to use their own money and pay over time, always free of interest.”
Clearpay is known as Afterpay in other markets outside the UK and is currently available in Australia, Canada, New Zealand and the US.