Clearpay extends in-store payments offer to smaller businesses
Clearpay, the BNPL specialist, has made its in-store payment functionality available to small- and medium-sized businesses (SMBs) across UK high streets.
“By offering instalment payments in store, Clearpay is supporting [SMBs] to drive more footfall and more sales," the company said.
It launched its in-store ‘pay in 4’ offering to large merchants in November 2021 and it says the results have been “compelling”.
Clearpay in-store card payments represent more than 10% of Clearpay omnichannel merchants’ total volume, with a higher in store average order value when compared to online.
Once an SMB accepts Clearpay Card payments in store, shoppers can tap and pay with the card, a virtual, contactless card stored in the Wallet app on iPhone or Apple Watch. Just like using it online, customers can pay for their in store purchases in four instalments, interest-free, supporting the small businesses on their local high streets.
Clearpay said the move is backed by data that showed during its recent three-day sale event, Clearpay Day, SMBs saw an uplift in sales of 32% and a 33% and increase in new active customers.
Its data also claims to show that Gen Z and Millennials in particular are looking to shop small, with 70% of all spend at small businesses originating from them. Their spending with SMBs has increased 1,500% since January 2020.
Rich Bayer, Clearpay’s UK Country Manager, said: "Clearpay has become an important sales channel for our UK merchant partners, the majority of which are SMBs. Last year, we generated £69 million in net economic benefits for our SMB partners, who are the lifeblood of our community. With initiatives like our in store solution and Clearpay Day, we’re delighted to play our part in helping SMBs continue to grow and become even more profitable.”
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