A new partnership is giving smaller bricks-and-mortar retailers access to a popular alternative payment method for the first time.
Small and medium sized bricks-and-mortar retailers can now offer buy, now pay later solution Afterpay to customers in their physical stores, through point-of-sale (POS) solution provider Vend.
While Afterpay is already used by over 14,000 large-scale physical stores and online retailers across Australia, the Vend integration is the first to offer the service to smaller and independent retailers within their bricks-and-mortar stores.
With Afterpay, retailers are paid upfront while shoppers pay in four fortnightly instalments. It is interest free and, when paid on time, there are no extra costs for shoppers.
The benefits of offering a buy now, pay later payment method can include an increase in incremental sales and basket size, according to Afterpay. The company said Afterpay customers spend more per transaction and over their lifetime, and that the service helps convert customers that would otherwise have abandoned the transaction.
David Scheine, country manager for Australia at Vend, said the partnership gives independent retailers access to the same tools as larger stores.
“That’s been our mission from day one. We’re really pleased to be bringing Afterpay’s exciting new payments option to our bricks-and-mortar retailers. This is a great step forward in helping retailers create a modern, attractive shopping experience for their customers.”
To make an Afterpay sale with Vend’s POS, retailers scan the customer’s unique Afterpay barcode on their mobile device.