Square has unlocked the ability for sellers in the US and Australia, who areusing any Square point of sale software, to now offer Afterpay across onlineand in-person sales.
Just three months after first bringing Afterpay into the Square ecosystem withe-commerce integration, Square and Afterpay moved swiftly to unlock theability for sellers to offer the buy now, pay later (BNPL) functionality.
To use Afterpay in-person, buyers simply tap to pay using a mobile walletloaded with their virtual Afterpay card and pay over four interest-freeinstalments. Square sellers receive their full earnings from each saleimmediately.
In their first quarter together, a combined Square and Afterpay has alreadyproven to attract new shoppers and drive incremental revenue for sellers ofall sizes.
Sellers using Square Online are seeing transaction sizes increase across boththe US and Australia, average transaction size with Afterpay is three timesgreater than non-BNPL purchases.
A 180 per cent increase in new consumers leveraging Afterpay through Squaresellers was observed between February and March 2022.
And in the US, retail businesses that offered Afterpay as a payments option ontheir website are seeing a meaningful lift in overall online sales, with men’sand women’s clothing stores growing 17 per cent; specialised apparel andaccessories, 15 per cent; pet stores, 13 per cent; sporting goods stores, 12per cent; and jewellery and watch shops, 10 per cent.
In both countries, beauty and personal care businesses saw significant upticksin online sales, registering a 26 per cent increase in Australia and a 16 percent increase in the U.S.
This growth is already extending to in-person commerce; during the betaperiod, average order value (AOV) for in-person Afterpay purchases more thandoubled in Australia, while in the US orders averaged a 50 per cent increase.
Alyssa Henry, Head of Square, said, adding Afterpay to Square’s in-personcommerce software furthers the company’s goal to give all sellers omnichanneltools that unlock new growth opportunities.
“Omnichannel isn’t just about selling across multiple channels, it’s aboutmeeting your consumers’ shopping habits, whatever and wherever they are.Afterpay adds an omnichannel tool to our ecosystem that our sellers haven’ttypically had access to. For sellers of all sizes, Afterpay has proven to bemore than just a new payment method; rather it serves as an omnichannelcommerce solution that can offer meaningful value and growth to sellers.”
Square sellers can now enable Afterpay and try BNPL at promotional rates until10 September. Automatic enablement will roll out to eligible Square sellersover the following weeks, and Afterpay can be easily toggled on or off viasellers’ Square Dashboard at any time.
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Tagged: Afterpay, Square
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