Today, Square launches its first integration with Afterpay, providing “Buy Now, Pay Later” (BNPL) functionality to sellers using Square Online for eCommerce in the United States and Australia. The integration will enable sellers to offer Afterpay’s BNPL experience to their customers, helping them attract new shoppers and drive incremental revenue. This product integration becomes available at the same time Block, Inc. announces it has completed its acquisition of Afterpay.
“Using Afterpay on our Square-powered website has been a huge boost to business,”
“Our purchases are nearly 20% larger when shoppers use Afterpay, and we receive earnings instantly in our Square account to keep our business moving. Our repeat customers appreciate the new BNPL option, especially since they can keep earning points through our Square Loyalty program, and we’ve been able to engage and convert more new customers than ever before through eCommerce.”Jeannie & Kendall Glenn, Owners, Kendall’s Greek Smartwear.
Square & The Afterpay Opportunity With Young Shoppers
Nearly 56% of American consumers have used a BNPL service, and the fastest-growing consumer segments, Gen-Z, and Millennials comprise 75% of BNPL users. Sellers can now serve this growing consumer demand, including in markets like Australia, the largest market after the U.S. and where Afterpay has very high awareness and repeat usage. Afterpay also furthers the company’s omnichannel, upmarket, and global growth.
“In joining with Square, Afterpay can now more meaningfully give small and midsize sellers the tools to attract young, engaged shoppers who prefer Afterpay and help these sellers compete alongside businesses of all sizes,”
“And this is just the beginning. As part of Square’s powerful ecosystem, we look forward to continuing to more deeply integrate the Afterpay platform to unlock even more value for sellers across the world in the coming weeks and months.”Nick Molnar, Afterpay Co-Founder and now Afterpay Lead at Square.
“We’re thrilled to offer Afterpay to Square sellers on day one. This is truly just the beginning of what we’ll be able to offer sellers, and their buyers, through this acquisition,”
“Our mission is to help sellers never miss a sale, operate more efficiently, better manage cash flow, and improve growth, retention, and acquisition of buyers. Afterpay helps us further this mission. It will also help bring more businesses of all sizes into the ecosystem.”Alyssa Henry, Head of Square.
Afterpay is available today to users, who can try Afterpay for no extra cost until May 10. Sellers can access Afterpay from their online dashboard and opt-in to receive early access to Afterpay now, with automatic enablement rolling out to eligible online sites over the following weeks. Afterpay can be easily toggled on or off via sellers’ online dashboards at any time.
During the promotional period, Afterpay transactions are processed at sellers’ standard eCommerce processing rates. Sellers receive their full earnings from each sale immediately, while consumers pay over four interest-free installments. Afterpay will also soon be available on the developer platform and for in-person payments. For more information, merchants can contact sales or visit www.squareup.com/buy-now-pay-later.
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