Afterpay is an increasingly popular payment option for customers, providing an easy and flexible way to purchase products and services. As a business owner, you can offer it to your customers by setting up Afterpay through Square. Whether you are a brick-and-mortar store, an online store, or a combination of both, this step-by-step guide will show you how to set up Afterpay on Square. With this payment option, you can open up your business to more customers, increase revenue, and keep your customers happy. So let’s get started and set up Afterpay on Square!
What is Afterpay?
Afterpay is a payment option that allows customers to buy items with no upfront payment. Instead, they make equal monthly payments for the item, along with a small Afterpay fee. Afterpay lets customers with bad credit or no credit get products they want without a credit check. Afterpay works with multiple retailers, including brands such as Nike, Zara, Adidas, and many more. You can set it up through your Square account to offer it as an option to your customers. Afterpay is a payment plan that you and your customers can agree to at the time of purchase. Afterpay works like a debit card transaction, where you are immediately paid for the item that the customer bought. There are no long wait periods or uncertainty around payment; as soon as the customer approves the transaction, you are paid for the item.
Benefits of Setting Up Afterpay on Square
Afterpay is a payment option that will attract new customers to your business, increasing your revenue. Customers who don’t have the cash up front to make a purchase might not buy from you. But with an Afterpay payment option, they have a way to make the purchase now and pay for it later. Setting up Afterpay on Square also has benefits for your business.
You can increase your revenue by bringing in customers who may not have been able to purchase from you otherwise. And you do not have to worry about bad debt or customers who don’t pay you back. Afterpay takes on that risk for you, so your business is protected.
Afterpay also lets you offer a flexible payment option to customers who may have otherwise paid with cash. With Afterpay, they can make payments on their own time, which can be convenient for them. And because Afterpay holds the payment, you don’t have to worry about collecting from the customer who may not have the money to pay upfront.
Step-by-Step Guide to Setting Up Afterpay on Square
Once you’re eligible to use Afterpay with your Square, you might want to know how to set it up. Here are some ways you can use Afterpay with Square:
- Your Square Online website will be automatically enabled for Afterpay transactions between $1 to $2,000. Accepting Afterpay will enable you to boost online sales, increase average cart size and attract new customers. No additional integration is required.
- You can create payment links with Square Online Checkout, allowing customers to select Afterpay as a payment method for transactions between $1 to $2,000.
- Afterpay in-person acceptance is available straight away—no additional integration is required.
- With Square Invoices, you can enable Afterpay acceptance when sending digital invoices and estimates via your online Square Dashboard, Square POS app, or Square Invoices app.
- With Virtual Terminal, you can send payment links directly to your customers via text message. Customers can open the link to checkout via Afterpay.
As you can see, you might not even bother about implementing Afterpay to Square. Still, you might need to enable it to make it available to your customers as a payment method (you can later disable it if you’d want to do it for some reason). Here’s how to set up Afterpay on Square:
- .From Square dashboard:
- Go to Account & Settings from your online Square Dashboard.
- Click Business information > Payment methods.
- Next to the Afterpay payment method, click ••• then Edit settings.
- Toggle the In-Person setting on/off.
Note: Once you’ve enabled Afterpay in-person, customers can pay via their Afterpay Card on Square, Appointments, Retail, Invoices, and Restaurants POS.
- From Square App:
- Tap ≡ More > Settings > Checkout > Payment.
- Under All payment types, tap Configure Afterpay. You will be directed to your dashboard via a web browser.
- Toggle the In-person setting on/off.
Tips for Making the Most of Afterpay on Square
As you start using Afterpay on Square, here are a few tips for making the most of it:
- Offer different payment options to customers. If you have only one payment option, certain customers may not be able – or willing – to use it. But offering a variety of payment options can open your business to a wider customer base.
- Make sure you understand the terms. Afterpay is a payment option that you can offer to your customers, but you are responsible for the money. So make sure you understand the terms of the agreement and how to handle Afterpay transactions.
- Communicate with your customers. Because Afterpay is a flexible payment option, you may have customers who are making payments on their own time. Make sure to communicate with those customers and give them reminders about the payments.
- Let customers know that Afterpay is available. While Afterpay is a great payment option for customers, they may not know it is an option. Make sure that you are advertising that After-pay is available at your business.
- Keep your customers informed. As part of keeping customers informed, be sure to let them know what terms are associated with Afterpay.
- Check your Square Dashboard for payment information. As you receive payments from Afterpay customers, those amounts will show up on your Square Dashboard.
- Stay up to date. Afterpay regularly releases updates and new features, so make sure to stay up to date with what’s new.
Afterpay is a great payment option that lets customers buy items with no upfront payment. Setting up Afterpay on Square is a three-step process that you can complete through your Square account. Make sure to communicate with your customers, offer different payment options, and stay up to date with Afterpay updates to make the most of this payment option. And by setting up Afterpay on Square, you can open up your business to more customers, increase revenue, and keep your customers happy.