No fuss, no hassle options to pay for purchases in four zero-interest instalments will become widespread around the world.
Australian merchants that offer payment services from the Stripe platform will be able to offer the increasingly sought-after “Buy Now Pay Later” (BNPL) options that can help consumers manage cash flow in these pandemic times.
The new feature will also be available to merchants in New Zealand and the US, and subsequently those in the UK and Canada soon, due to the Stripe platform’s partnership with a BNPL service provider, Afterpay.
The partnership allows both new and existing Stripe merchants to easily give their shoppers the opportunity to receive their items immediately and pay in four instalments, without the need to take out a traditional loan or pay upfront fees or interest. Businesses on the payment platform can start accepting Afterpay BNPL payments in minutes—without the need for onboarding, application procedures or underwriting processes to navigate. The enhanced payment service can also be extended to top e-commerce platforms interested in offering BNPL features.
Said Noah Pepper, Business Lead (APAC), Stripe: “Stripe is delighted to partner with Afterpay to make it easy and fast for online businesses to offer their customers BNPL. We’ve seen strong demand from users around the world for flexible payment options, and this partnership gives businesses on our platform an effective tool for capturing more sales and reaching new customers.”
Offering a flexible payment option such as BNPL can attract new customers and deliver higher conversions and average order values. According to Afterpay’s SVP of Global Sales Strategy and Operations Ben Presseley: “Millennial and Gen Z consumers are demonstrating a clear preference for flexible payment options that allow them to budget and spend responsibly. By partnering with Stripe and (others), 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.”