Square has unlocked the ability for sellers in the US and Australia, who are using any Square point of sale software, to now offer Afterpay across online and in-person sales.
Just three months after first bringing Afterpay into the Square ecosystem with e-commerce integration, Square and Afterpay moved swiftly to unlock the ability for sellers to offer the buy now, pay later (BNPL) functionality.
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 instalments. Square sellers receive their full earnings from each sale immediately.
In their first quarter together, a combined Square and Afterpay has already proven to attract new shoppers and drive incremental revenue for sellers of all sizes.
Sellers using Square Online are seeing transaction sizes increase across both the US and Australia, average transaction size with Afterpay is three times greater than non-BNPL purchases.
A 180 per cent increase in new consumers leveraging Afterpay through Square sellers was observed between February and March 2022.
And in the US, retail businesses that offered Afterpay as a payments option on their website are seeing a meaningful lift in overall online sales, with men’s and women’s clothing stores growing 17 per cent; specialised apparel and accessories, 15 per cent; pet stores, 13 per cent; sporting goods stores, 12 per cent; and jewellery and watch shops, 10 per cent.
In both countries, beauty and personal care businesses saw significant upticks in online sales, registering a 26 per cent increase in Australia and a 16 per cent increase in the U.S.
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 per cent increase.
Alyssa Henry, Head of Square, said, adding Afterpay to Square’s in-person commerce software furthers the company’s goal to give all sellers omnichannel tools that unlock new growth opportunities.
“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.”
Square sellers can now enable Afterpay and try BNPL at promotional rates until 10 September. Automatic enablement will roll out to eligible Square sellers over the following weeks, and Afterpay can be easily toggled on or off via sellers’ Square Dashboard at any time.