Chronicle Journal: Finance

Afterpay and Stripe Partner to Offer 'Buy Now, Pay Later' Payments for Merchants

SAN FRANCISCO, Feb. 24, 2021 /PRNewswire/ -- Afterpay (ASX: APT) the leader in "Buy Now, Pay Later," today announced a partnership with Stripe, the technology company building economic infrastructure for the internet. The two companies are joining forces to offer Afterpay's payment service to Stripe merchants through an easy and seamless integration.

(PRNewsfoto/Afterpay)

The partnership allows both new and existing Stripe merchants to easily offer Afterpay - giving their shoppers the opportunity to receive their items immediately and pay in four installments, without the need to take out a traditional loan or pay upfront fees or interest.[1] Businesses on Stripe can start accepting Afterpay in minutes—there's no application, onboarding, or underwriting process to get started.

"Stripe is delighted to partner with Afterpay to make it easy and fast for online businesses to offer their customers Buy Now, Pay Later. We've seen strong demand from users around the world for flexible payment options, and this partnership gives businesses on Stripe an effective tool for capturing more sales and reaching new customers," said Noah Pepper, Stripe's Business Lead for APAC.

Afterpay and Stripe are also extending the payment service to top e-commerce platforms, with Squarespace—the all-in-one website building platform—being the first platform to leverage the partnership and offer Afterpay to its customers.

By offering Afterpay, Squarespace enables merchants to build a fully integrated checkout experience with ease, while maintaining the look and feel of their brand. Merchants will also experience the benefits of offering customers a flexible payment option, which is proven to attract new customers and deliver higher conversions and average order values.

"Afterpay has been a top requested feature from our customers," said Paul Gubbay, Chief Product Officer at Squarespace. "Through this partnership, we're glad to be able to offer our merchants even more flexibility in how they transact with their customers and increase topline sales without having to sacrifice the design elements that are unique to their brand."

"Millennial and Gen Z consumers are demonstrating a clear preference for flexible payment options that allow them to budget and spend responsibly," said Ben Pressley, Afterpay's SVP of Global Sales Strategy and Operations. "By partnering with Stripe and Squarespace, we're equipping retailers with the tools to meet this consumer demand - offering the younger generation a way to use their own money and pay over time, always free of interest."

Stripe merchants in the US, UK, Australia and New Zealand can now integrate Afterpay, and will be available to merchants in Canada soon. Squarespace offers the combined integration of Stripe and Afterpay to their Commerce customers in the US, Australia and New Zealand, and will be available to Canadian customers soon. 

About Stripe

Stripe is a technology company that builds economic infrastructure for the internet. Businesses of every size—from new start-ups to public companies like Salesforce and Facebook—use the company's software to accept online payments and run technically sophisticated financial operations in more than 100 countries. Stripe helps new companies get started and grow their revenues, and established businesses accelerate into new markets and launch new business models. Over the long term, Stripe aims to increase the GDP of the internet.

About Squarespace

Squarespace empowers millions of dreamers, makers, and doers by providing them with the tools they need to bring their creative ideas to life. On Squarespace's dynamic all-in-one platform, customers can claim a domain, build a website, sell online and market a brand. Our suite of products combines cutting-edge design and world-class engineering, making it easier than ever to establish and own your online presence. Founded in 2003, Squarespace's team of more than 1,200 is headquartered in downtown New York City, with offices in Dublin, Ireland and Portland, Oregon. For more information, visit https://www.squarespace.com/.  

About Afterpay Limited

Afterpay Limited (ASX: APT) is transforming the way we pay by allowing customers to receive products immediately and pay for their purchases over four installments, always interest-free. The service is completely free for customers who pay on time  - helping people spend responsibly without incurring interest, fees or extended debt.[2] As of September 30, 2020 Afterpay is offered by nearly 63,000 of the world's favourite retailers, and is used by more than 11 million active customers globally.  

Afterpay is currently available in Australia, Canada, New Zealand, the United States and the United Kingdom, where it is known as Clearpay. Afterpay is on a mission to power an economy in which everyone wins.

[1]  Late fees may apply. Eligibility criteria apply. See afterpay.com for full terms.
[2]  Late fees may apply. Eligibility criteria apply. See afterpay.com for full terms.

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SOURCE Afterpay

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