Openpay, the UK’s next generation, interest free ‘Buy Now, Pay Later’ payment solution today announces its partnership with Aero Commerce – one of the UK’s fastest growing e-commerce platforms.
What is BNPL?
Buy Now Pay Later (BNPL) plans allow consumers to split the cost of their purchase over an agreed period of time. At Openpay, they’re on a mission to change the way people pay, for the better. With responsibility as their driving principle, an upfront payment at the point of purchase is required, both to encourage consumers to spend within their means and to make a considered purchase. The remainder of the purchase price is then paid off in equal monthly instalments. Plan lengths vary depending on the merchant, but they typically run between 2-6 months.
Each BNPL provider and product has different T&Cs, however, Openpay prides itself on transparency and has no hidden fees and charges no interest, ever.
What is Openpay?
Openpay is a leading ‘Buy Now, Pay Later’ platform in the UK, focusing on industries where it can make a true difference to the finances of consumers: automotive, healthcare and home improvement, memberships and education as well as retail.
Following an initial payment at point of purchase, customers can spread the remaining cost over a period of up to six months – making Openpay one of the most flexible payment plans in the UK market. These monthly payments can be aligned with the customer’s pay cycle, allowing them to easily manage their finances. Customers pay no interest, ever, and there are no hidden fees.
Openpay provides services to customers and merchants in the UK, Australia and New Zealand, and entered the US market, under the brand name Opy, in December 2020.
The benefits of Openpay for retailers
Openpay’s mission is to change the way people pay, for the better.
As a merchant-centric company, they understand and proactively address the pain-points merchants face. Openpay’s unique model can significantly improve basket-size by allowing consumers to overcome cashflow bottlenecks. Their extensive community comprises of home-owners, car owners, pet owners, digital natives and parents using the platform to successfully manage their budget. With longer payment plans available, consumers can comfortably and responsibly purchase higher ticket items on a monthly payment plan, as in line with most UK payment cycles.
As customers are required to pay their first instalment at checkout, unlike deferred payment solutions which favour ‘try before you buy’ behaviour, this encourages considered purchases and can help reduce returns by up to 20%. As a business, you will get the financial security of being paid upfront, in full (minus any fees), the very next business day. And, as the cherry on top, Openpay handles customer checks and payment, reducing the merchant’s exposure to fraud and payment risk. And, if a customer does return something, Openpay will return almost all merchant fees.
Supporting their merchants is core to their approach, Openpay wholly aligns to each of their merchant’s success and works closely with each merchant to achieve outstanding results.
Already working with leading brands like Snug Sofas, JD Sports, Watch Shop, LookFantastic and many more across a number of verticals, Openpay is for all sizes and sectors. Their unique demographic and responsible approach to lending drives their philosophy for outstanding customer service. With a Trustpilot rating of 4.9 out of 5, one of the highest in the space, the proof is in the (metaphorical) pudding.
Onboarding new retailers
Aero will encourage agencies to recommend Openpay to their retailers where the fit is right. Aero will also encourage any retailers that come directly to us through our discovery process. The retailers will then get in touch with Openpay to onboard. Once onboarded, Openpay will provide API credentials to the retailer, who will then need to provide those to the agency. It’s then as simple as the agency installing a module for the retailer and entering the credentials provided.
How to install Openpay for a retailer store
It can be installed via the Aero Commerce Agora package manager, with composer. It’s as simple as one command and creating the payment method in the Aero Admin.
Where to obtain correct API credentials
Once the contract is signed, the Openpay onboarding team will generate these credentials and will provide them to Aero Commerce.
Add BNPL to your payment options, today!
Ready to convert more customers and grow your ATV with Openpay? After a BNPL option that represents responsibility, flexibility and world class servicing with this growing trend? Then add Openpay to your payment options now.
For more info, visit www.openpay.co.uk