Square has launched its first integration with Afterpay providing Buy Now, Pay Later (BNPL) functionality to sellers in Australia and the United States. The announcement coincides with the completion of Square’s acquisition of Afterpay.
The integration will enable Square sellers to offer Afterpay’s BNPL experience to their customers, helping them attract new shoppers and drive incremental revenue.
“In joining with Square, Afterpay can now more meaningfully give small and midsize sellers the tools to attract young, engaged shoppers who prefer Afterpay and help these sellers compete alongside businesses of all sizes,” Afterpay co-founder and Square’s Afterpay lead, Nick Molnar said.
“And this is just the beginning. As part of Square’s powerful ecosystem, we look forward to continuing to more deeply integrate the Afterpay platform to unlock even more value for sellers across the world in the coming weeks and months.”
Square head, Alyssa Henry said, “We’re thrilled to offer Afterpay to Square sellers on day one. This is truly just the beginning of what we’ll be able to offer sellers, and their buyers, through this acquisition. Our mission is to help sellers never miss a sale, operate more efficiently, better manage cash flow, and improve growth, retention, and acquisition of buyers. Afterpay helps us further this mission. It will also help bring more businesses of all sizes into the Square ecosystem.”
Afterpay is available to Square sellers, who can try Afterpay for no extra cost until May 10. Sellers can access Afterpay from their Square Online dashboard and opt-in to receive early access to Afterpay now, with automatic enablement rolling out to eligible Square Online sites over the coming weeks. Afterpay can be toggled on or off via sellers’ Square Online dashboard at any time.
During the promotional period, Afterpay transactions are processed at sellers’ standard e-commerce processing rates. Square sellers receive their full earnings from each sale immediately, while consumers pay over four interest-free installments. Afterpay will also soon be available on Square’s developer platform and for in-person payments.