Buy-now pay-later category leader Afterpay has launched a product that allows Australian and New Zealand Afterpay retailers to connect with all active Afterpay customers on its Australasian network without having to set up separate overseas websites.
Afterpay is an Australian buy-now pay-later service which offers customers interest-free payment plans for both online and instore purchases.
Customers can purchase and own what they want immediately and pay it off in four, interest-free fortnightly instalments, with no fees provided they make repayments on time.
Afterpay helps retailers by driving conversion, increasing basket spend and customer acquisition – all through superior technology and access to Afterpay’s expanding network.
Since starting in 2015, Afterpay has grown fast and now processes approximately 10% of all eCommerce transactions in Australia.
It has 2.9 million active Australian and New Zealand customers, and more than 30,500 Australian and New Zealand retailers on its network.
Afterpay has recently activated a new product called Cross Border Trade, which enables merchants from one market to sell to consumers in another market, with Afterpay facilitating the FX conversion. This means Afterpay’s New Zealand and Australian merchants can now sell to shoppers in either country.
With Afterpay’s Cross Border Trade, customers in New Zealand can shop online at Australian retailers using their Kiwi Afterpay account, making it easier for them to purchase the fashion they love overseas from the comfort of their own home.
The product is simple, easy to understand and has no hidden fees. Afterpay’s New Zealand shoppers are shown the price of the item and each instalment in NZD before they commit to buy and the Aussie retailer gets the full amount in AUD from Afterpay, so they don't have to worry about currency conversion or additional fees.
Nick Molnar, CEO of Afterpay says: "Merchants on the Cross Border platform are already enjoying the benefits of growing their reach and accessing new global markets.
"Cross Border has been extremely successful in particular for our retail partners in fashion that are already seeing an increase in their consumer base and conversion to sales.
"Additional benefits to retailers also include a simple propriety global payments solution which will also enable funds to be settled in their country of origin, with Afterpay taking away the complexity of foreign exchange.
"Customers will be able to pay directly in their currency and not be hit with any additional foreign exchange fees after the payment is processed," he said.
Afterpay Chief Product Officer Kareem Al-Bassam says: "The beauty of our cross-border product is that retailers do not need to have separate ecommerce sites set up in other countries to access international customers in the Afterpay network," he said.
"Once Afterpay is integrated into the retailer’s website it’s as simple as a quick phone call or email with our team to get the retailer set up, and they will have the ability to start transacting with international customers from Afterpay."
He says Afterpay also wanted to reduce the confusion that can arise from paying online in different currencies: "Our product aims to be completely transparent so the customer knows exactly what they are spending in their local currency."
And for retailers, "Afterpay has seen a lot of success in the fashion, kids, activewear and beauty categories," he said.
Find out why over 30.5K Australian and New Zealand businesses choose Afterpay visit www.afterpay.com.au/retailers