The product will give BNPL functionality to sellers, making use of Square Online for eCommerce customers in the U.S. and Australia.
This will allow Square sellers to offer Afterpay’s BNPL product and get more customers.
Almost 56% of American consumers have used a BNPL service, the release notes – and younger demographics, like Gen-Z and Millennials, make up 75% of BNPL users.
Afterpay is available as of Feb. 1 for Square users, the release says, and sellers will be able to access Afterpay for no extra cost until May 10.
“In joining with Square, Afterpay can now more meaningfully give small and midsize sellers the tools to attract young, engaged shoppers who prefer Afterpay and help these sellers compete alongside businesses of all sizes,” said Nick Molnar, Afterpay Co-Founder and now Afterpay Lead at Square. “And this is just the beginning. As part of Square’s powerful ecosystem, we look forward to continuing to more deeply integrate the Afterpay platform to unlock even more value for sellers across the world in the coming weeks and months.”
Square head Alyssa Henry said there will be more integrations with the Afterpay partnership in the future.
“Our mission is to help sellers never miss a sale, operate more efficiently, better manage cash flow, and improve growth, retention, and acquisition of buyers,” she said. “Afterpay helps us further this mission. It will also help bring more businesses of all sizes into the Square ecosystem.”
Afterpay also debuted three other partnerships lately, with Nordstrom, Calvin Klein and Tommy Hilfiger, PYMNTS writes.
Nordstrom is already implementing Afterpay’s BNPL services online and in-store, according to Dennis Bauer, president of payments and credit at Nordstrom.
He said that will include various programs to meet customer needs. The companies all noted the levels of economic uncertainty which have hobbled younger customers’ willingness to look at credit. Instead many of them have gone for debit.
According to the report, Afterpay has helped customers use their own funds and pay in installments, which has seen positive results for the younger customers.