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Boost sales with Afterpay

A new way to take payment

Sydney based start-up Afterpay is giving merchants around Australia a new way to accept payment. With over 1 million users and 7200 retailers already joining the service, they represent a great opportunity for businesses of any size.

Afterpay for the customer

Afterpay allows the customer to get their goods now and pay for them later. Afterpay then automatically collects payment via four bi-weekly instalments from the customer’s card of choice.

Afterpay for the merchant

For a merchant, Afterpay works in 3 steps:

  1. The customer selects Afterpay or scans a special barcode at checkout
  2. They can then choose to pay their first instalment with you, or through Afterpay
  3. Afterpay settles the full value of the sale with you then takes payment from the customer

How it may benefit your business

By giving your business a new way to accept payment, Afterpay makes upselling easier. After all, it's a good sales strategy to break down costs – and having the ability to break down the total price by four will make large sales easier to close.

Compared to the average consumer, Afterpay users have larger shopping baskets, make more repeat purchases and are less likely to abandon sales.

Who's on board?

Uptake in the cities has been fastest. Major retail chains like Glue, Surfstitch, General Pants and Optus are just a few examples of the businesses that have already signed up.

Companies outside of the retail sector are also jumping on board. Jetstar have been a major coup for the company and offer a great case study for curious, service based businesses. Running a 'book now – pay later' system, they’re essentially allowing customers to guarantee flights and pay them off over weeks.

The future of payment?

As Afterpay expand further into the service market, their popularity will surge. While it's not likely they'll take over eftpos, or cash payments, they are set for success as a payment platform. And by giving you another way to accept payments, it's a win for both your customer and your business.

Find out more about Afterpay.