Retail management software company Vend has teamed up with retail payments platform Afterpay to announce a joint solution for independent retailers that will enable small to medium-sized enterprises to offer the alternative payment in-store, opening up an entirely new revenue channel.
Afterpay’s ‘buy now, pay later’ solution is used by more than 14,000 retail merchants Australia-wide across several large-scale bricks-and-mortar stores, as well as online retailers of various sizes. In high demand, Afterpay has processed payments for more than 1.8 million customers.
Until this announcement by Vend, a solution for independent and smaller retailers to offer the Afterpay payment option was unavailable within their physical stores. According to Vend, this has put the smaller retailer at a disadvantage when competing with big box retailers.
“At Vend we want to level the playing field for independent retailers and give them access to the same tools the big stores have,” Vend Country Manager for Australia and New Zealand Dave Scheine, said. “That’s been our mission from day one. We’re really pleased to be bringing Afterpay’s exciting new payments option to our bricks-and-mortar retailers. This is a great step forward in helping retailers create a modern, attractive shopping experience for customers.”
Afterpay allows customers to buy in-store instantly, putting down a quarter of the cost and paying over four equal fortnightly instalments – helping customers manager their monthly budgets. It offers the benefits of a layby service with an immediate take-home option.
To make a sale with Vend’s POS, retailers simply need to scan a customer’s unique Afterpay barcode via a mobile device and the payment feeds straight into Vend, keeping the checkout process quick and seamless for both the retailer and consumer.
