If you’re looking for an alternative to Clearpay, here’s a quick list of 5 competitors who offer a similar service.
What Buy Now Pay Later option should you choose? Top 5 Company Like Clearpay
Clearpay is a financial technology and payment service that lends a fixed amount of credit to enable customers to purchase goods and services instantly and then pay for them in 4 instalments. These repayments are automatically made every two weeks without any interest ( note, late fees apply). However, they aren’t the only company to offer a similar service. Here’s a quick list of 5 companies like Clearpay.
Klarna
Klarna is a Swedish financial technology company that provides payment services for online storefronts and direct in-store payments. It’s most well-known for the “Pay In 4” service; this payment plan allows customers to split their purchases from participating vendors into four equal instalments, paid every two weeks. Concerning interest and fees, there are no interest charges on Klarna’s “Pay In 4” loans; however, they do charge late fees if you miss a payment.
Splitit
Splitit is a fintech solution that allows retailers and online merchants to offer monthly instalment BNPL payment options to their customers, using the customer’s existing credit line on their credit card. This means that, unlike other buy-now-pay-later options, Splitit charges no interest or late fees. (However, please note that credit card providers may charge interest or late payments, so remember to check before using the service).
Affirm
An American financial lender, Affirm allows users to buy goods or services offered by online merchants and pay off those purchases in fixed monthly payments. They provide their customers with a choice of payment options and only conduct a “soft pull” of your credit history. Applying for a BNPL loan with Affirm will not affect your credit score. As regards your credit score, typically speaking, as long as your score is 640 or above, you can get approved by Affirm.
Afterpay
Afterpay is an Australian BNPL service provider operating across multiple countries, including The UK, Aus, NZ, USA, and Canada. Similar to above discussed Klarna, Afterpay divides your total purchase amount into four payments every two weeks. One of the main advantages of Afterpay is the lack of interest charges, especially when compared to other Buy Now Pay Later options such as credit cards or payday loans. Additionally, whilst Afterpay does charge a fee for late payment, the late fee is considered small when compared to credit card options.
Zinia
With over 2 million customers in Europe, Santander Group’s BNPL platform Zinia allows customers to split payments into interest-free-instalments and is available in-store and online at participating businesses.
Why should your business use a company like Clearpay to provide BNPL options for your customers?
You improve customer payment options by providing customers with a much more flexible checkout process. Flexible payment options can increase the average spend at your checkout and motivate customers to return and spend more.
We recommend businesses consider integrating BNPL options in their checkout processes. These financial technologies are further increasing in popularity and can attract new and repeat business.
