Today, Area is another key milestone in Afterpay’s integration, extending the Buy Now, Pay Later feature (BNPL) to millions of personal retailers in the United States and Australia. Just three months after the first involvement of Afterpay in the Square with ecosystem e-commerce integrationSquare and Afterpay quickly moved on to unlock the ability of sellers using any software for Square outlets – Square point of sale, Area for retail, Area of appointmentsor Area for restaurants – to offer postpay online and personal commerce.
Use Postpay personally buyers simply push to pay with a mobile wallet loaded with their Afterpay virtual card, and pay more than four interest-free installments. Square sellers receive full profits from each sale immediately.
In their first quarter, the joint combination of Square and Afterpay has already proven that it attracts new buyers and brings extra revenue to sellers of all sizes. Vendors who use Square Online see the following impact on their business:
- The size of transactions has increased: In both the US and Australia, the average postpay transaction is 3 times larger than purchases without a BNPL.
- Rapid growth of buyers: Globally, from February to March 2022, we are seeing an increase in the number of new consumers using Afterpay through Square Sellers by 180%.
- Significant growth among key categories of traders:
- in the US retail businesses who offered Afterpay as a payment option on their website, are seeing a significant increase in overall online sales, with menswear and menswear stores up 17%; specialized clothing and accessories – 15%; pet stores, 13%; sporting goods stores – 12%; and jewelry and watch shops – 10%.
- In both countries, beauty and personal care business there is a significant increase in online sales, recorded growth of 26% in Australia and 16% in the US
This growth is already extending to personal commerce; during the beta period, the average value of orders (AOV) for personal purchases after payment more than doubled in Australia, while in the US orders increased by an average of 50%.
For further sales growth Square vendors can be found in Afterpay Catalog of stores, a market available both online and in the Afterpay program, where sellers offering postpay are available. The Shop Directory provides hundreds of millions of potential customers a year to sellers and gives shoppers the opportunity to search for Square sellers near them, making it easier to shop and support local small businesses.
“Adding Afterpay to Square’s personal commerce software contributes to our goal of providing all vendors with multi-channel tools that open up new growth opportunities for them,” said Alyssa Henry, Head of Square. “Smartness is not only selling through several channels, but also satisfying your consumers’ shopping habits wherever they are. Afterpay adds to our ecosystem an omnichannel tool that our vendors have not usually had access to. For sellers of all sizes Afterpay turned out to be more than just a new payment method; rather, it serves as a multi-channel trading solution that can offer sellers significant value and growth. ”
“Our customers are young, willing consumers who prefer Afterpay and are fast becoming regular customers for our trading partners,” said Nick Molnar, Head of Afterpay at Square. “Together, Afterpay and Square can help retailers of all sizes capture next-generation buyers and compete on a larger scale.”
Square sellers can enable Afterpay from today and try BNPL on ad rates until September 10th. Auto-inclusion will be rolled out to relevant Square vendors over the coming weeks, and Afterpay can be easily enabled or disabled via Square Dashboard vendors at any time. For more information, visit www.squareup.com/buy-now-pay-later.