Benefits of Afterpay for Retail

Square sellers can let their customers know that Afterpay is now available for online purchases.

Did you hear? It’s official!

Afterpay has arrived at Square.

Square sellers can let their customers know that Afterpay is now available for online purchases.

When you add Afterpay to your list of accepted payments, your customers can split the cost of the sale into four instalment payments, interest-free, over the following six weeks. But you don’t have to wait — you get paid from Afterpay at the moment of the sale, minus a processing fee for each Afterpay transaction.

It doesn’t cost anything to add Afterpay to your Square seller account — a processing fee is due only when a customer chooses and pays with Afterpay.

Retail shops constantly pivot and adapt to meet their customers where they are. For a lot of sellers, this also includes adding omnichannel contact options and new acceptable payment methods. Fads come and go, but some things never change: If you listen to your customers and honour their requests, they’ll keep coming back — and now you can reward your customers with Afterpay as an online payment method.

Why should you add Afterpay to your online checkout?

To provide more payment options

BNPL is a rapidly growing payment method in Canada — shoppers across the country are increasingly warming up to new digital trends, and at least 34% of Canadians know what BNPL is. According to a recent study on BNPL services in Canada by the Financial Consumer Agency of Canada (FCAC), 40% of Canadian merchants currently accept BNPL payments.

Square’s payment system, especially with the addition of Afterpay, gives eCommerce sellers an even more comprehensive set of payment options to meet all customers’ needs. Accepting payments through Square lets you accept credit and debit cards, as well as mobile wallet payments.

And it isn’t all about accepting payments. You need comprehensive tools that simplify payments and solutions to cultivate customer relationships. Square’s Retail point of sale streamlines customer relationship management, inventory tracking, online sales, and more.

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To boost sales incrementally

Some sellers are always chasing that upsell, but sometimes that chase isn’t sustainable. Did you know Afterpay can be a sustainable way to make sales you might not have made otherwise? When people who normally shop with a competitor learn you’re accepting Afterpay online, they may become your new customers instead. With Afterpay, you can also capture those shoppers who normally abandon their online cart because shipping fees or sales tax put a purchase just out of their price range.

Many customers who shop with Afterpay try to stay within a certain budget. Others might have an unexpected occasion, upcoming celebration, or sudden travel requirements, and need new clothes, accessories, or gifts they hadn’t budgeted for. Families might need to school shop for their children, but have other urgent expenses that must be paid. They can get all the things they need and make smaller, more manageable payments over the next six weeks. In each situation, Afterpay can help — for you, it’s a sale you might not have made if you didn’t offer Afterpay.

To bring in new customers

eCommerce sellers know the delicate balance between rewarding loyal customers while still doing the work to bring in new faces. When you start devising a plan to jumpstart your growth, keep in mind that customer acquisition is how you capitalize on your share of the market and stay ahead of competitors.

Afterpay is catching on as a way for Canadian online retailers to bring in new customers and increase revenue. If building up your customer base is part of your growth strategy, adding Afterpay to your accepted online payments is a big step.

But it’s not enough to just sign up for Afterpay — you need to tell your customers you offer it! If customers know Afterpay is an option, it’ll spark interest in your site, boost visitors, reduce abandoned carts, and increase sales — while also rewarding your most loyal customers who’ve stood by your eCommerce store when BNPL wasn’t an option.

When you’re ready to add Afterpay to your Square Online account, sign up and get your free digital marketing assets to use on your website or social posts. Get the word out!

And speaking of loyal customers…

Attracting new customers and generating brand new sales is critical to eCommerce success. At the same time, nurturing those customers who’ve stuck with your brand is essential. Your most loyal customers might already have used Afterpay with another online retailer, or they might be considering this payment option for the first time. Either way, adding Afterpay to your acceptable payment methods means you’re providing a solution that keeps customers coming back.

If you want to bring BNPL to your Square Online store, check out our information on accepting Afterpay payments with your Square account. You can also find information on Square Online Checkout — the fastest way to get paid online.

Terms and conditions apply, please refer to the Square General Terms of Service and Afterpay Merchant Terms of Service for details.

This article is for informational purposes only and does not constitute professional advice. For specific advice applicable to your business, please contact a professional.