Square has revealed the initial results of the first iteration of its integration with buy now, pay later provider Afterpay, releasing the functionality to sellers using Square Online for e-commerce in the United States and Australia.
The product integration follows the $ 29 billion acquisition of Afterpay, which was completed earlier this week.
Former users Jeannie and Kendall Glenn, owners of Kendall’s Greek SmartWare, say using Afterpay on their Square-based website has given the business a huge boost.
“Our purchases are up to 20 percent higher than customers using postpay, and we will soon receive funds in our Square account to keep our business afloat,” they say. “Our repetitive customers value the new BNPL opportunity, especially as they continue to earn points. With our Square Loyalty program, we have been able to attract and convert new customers more than ever through e-commerce.”
For Square, Afterpay provides the basis for the rapid growth of customer payment methods. For Square traders, the acquisition of BNPL is a direct attraction in the Z-generation and the millennium and is increasingly gaining momentum in Australia, the largest market of Square after the United States, where Afterpay is known and used regularly.
Afterpay co-founder Nick Molnar says, “With Join Square, Afterpay can now offer small and medium-sized retailers a lot of tools to attract young, affiliate customers who choose After-pay and help those retailers compete with companies of all sizes.”
Vendors can access the Afterpay from the Square Online dashboard and sign up to access Quickpay quickly, allowing them to share it on selected Square Online sites in the next few weeks. Square sellers receive all the revenue from each sale as quickly as possible, while customers pay more than four interest-free rates.
“Our mission is to help retailers drop sales, work efficiently, better manage revenue, and improve customer growth, retention, and customer engagement. The aftermarket will help us promote that service.”
According to Henry, the next step is to make Afterpay available on Square’s programming platform and for free payment.