Afterpay (ASX:APT), the leader in “Buy Now, Pay Later” payments, today introduced cross border trading for its Canadian merchant partners – allowing them to offer their products to buyers in the U.S. With Australia, New Zealand and the UK already shopping from Afterpay’s Canadian merchants, this addition will mean they can now reach more than 20 million U.S. shoppers.
Cross border shopping has already proven to be an important part of the Afterpay offering for Canadian consumers since it was first introduced in November 2020. Once logged into Afterpay, shoppers see the total basket amount in their local currency during checkout and will be charged this amount. They also benefit from the flexibility and convenience of paying in four installments over time, without incurring interest or currency conversion fees. Over the last year, Canadian consumers have purchased from more than 3k U.S. merchants, and approximately 10% of all Canadian orders are to cross border merchants. On the merchant side, Afterpay’s cross border capabilities allow brands to open their online storefronts to shoppers without paying set-up or currency conversion fees.
Gary A., Founder of Fragrancebuy said, “Our cross border partnership with Afterpay has been a game changer, allowing our Canadian brand to now be recognized on a more global scale. The seamless integration with an array of online platforms and the transparent currency adjusted pricing structure made the partnership decision a no brainer, allowing us to be up and running within hours. Thanks to Afterpay, we’re thrilled to see more conversions from clients and our clients are ecstatic to have Afterpay flexible payment options to smell gorgeous now and pay later. You can count on Afterpay’s cross border solution to be the perfect catapult for expansion and growth.”
Ryann Caruthers, General Manager of Afterpay Canada said, “With this expanded cross border offering, we’re delivering Afterpay’s largest customer base of U.S. shoppers to our Canadian merchant partners, which will undoubtedly lead to an increase in sales. I’m thrilled that merchants in Canada will now have an added opportunity to grow their business just in time for the busy holiday season.”