Square is extending buy now, pay later (BNPL) functionality to its in-person sellers in Australia and the United States, marking another key milestone in its integration of Afterpay.
Just three months after bringing Afterpay into the Square ecosystem with e-commerce integration, sellers using any Square point of sale software can now offer Afterpay across online and in-person commerce.
To use Afterpay in-person, buyers simply tap to pay using a mobile wallet loaded with their virtual Afterpay card and pay over four interest-free installments. Square sellers receive their full earnings from each sale immediately.
For sellers using Square Online, the average transaction size with Afterpay is three times greater than non-BNPL purchases across Australia and the US. Globally,there’s been an 180% increase in new consumers leveraging Afterpay through Square sellers between February and March 2022.
In Australia and the US, beauty and personal care businesses saw significant upticks in online sales, registering a 16% and 26% increase, respectively. This growth is already extending to in-person commerce; during the beta period, average order value (AOV) for in-person Afterpay purchases more than doubled in Australia, while in the US orders averaged a 50% increase.
To further sales growth, Square sellers will be discoverable in Afterpay’s Shop Directory, a marketplace available both online and from the Afterpay app that showcases sellers offering Afterpay.
“Adding Afterpay to Square’s in-person commerce software furthers our goal to give all sellers omnichannel tools that unlock new growth opportunities for them,” Square head, Alyssa Henry said.
“Omnichannel isn’t just about selling across multiple channels, it’s about meeting your consumers’ shopping habits, whatever and wherever they are. Afterpay adds an omnichannel tool to our ecosystem that our sellers haven’t typically had access to. For sellers of all sizes, Afterpay has proven to be more than just a new payment method; rather it serves as an omnichannel commerce solution that can offer meaningful value and growth to sellers.”
Afterpay lead at Square, Nick Molnar added, “Our buyers are young, high-intent consumers who prefer Afterpay and quickly become repeat customers for our merchant partners. Together, Afterpay and Square can help sellers of all sizes capture the next generation shopper and compete at a larger scale.”