Clearpay, a prominent figure in the Buy Now, Pay Later (BNPL) market, has unveiled a partnership with the esteemed London-based luxury clothing brand MATCHES. This collaboration marks a significant addition to the roster of retailers adopting Clearpay’s payment services. MATCHES, a premium retail destination, is now poised to offer its online clientele an interest-free, pay-in-4 payment option, enhancing the shopping experience for those with an eye for high-end fashion while promoting financial prudence.
The timing of this partnership coincides with a notable shift in consumer purchasing behaviour. According to Clearpay’s shopping data, there has been a marked increase in the acquisition of seasonal fashion items, with boxy jackets seeing a 143% surge in sales, trench coats 59%, and knee-high boots 28%. This trend underscores the alignment of Clearpay’s services with current consumer demands.
MATCHES CEO, Nick Beighton, commented on the initiative, stating, “We are pleased to pioneer customer innovation here at MATCHES and by working with Clearpay, we are able to offer flexibility to our customers by giving them autonomy on their payment choices. We are delighted to offer this option across our platforms and hope this will empower the customer to make the payment decision best suited to their lifestyle.”
Clearpay’s UK Country Manager, Rich Bayer, also weighed in, highlighting the approach of the festive season and the significance of offering varied payment options. “The crucial festive trading period is almost upon us with 39% of consumers having already begun or starting their Christmas shopping this month. By offering payment choice with Clearpay at the checkout, retailers can offer flexibility to consumers, helping them manage their spending,” Bayer said. He further emphasized Clearpay’s commitment to bolstering retail partners in attracting new customers and boosting sales conversions.
Clearpay’s model is designed with consumer protection in mind, as evidenced by their policy framework. The service is free for customers who adhere to the payment schedule. In instances where a payment is missed, the customer’s account is temporarily suspended to prevent further debt accumulation. Additionally, there are capped late fees for overdue payments. On a global scale, Clearpay reports that 90% of transactions are conducted with debit cards, and in the 12 months leading up to December 2022, 95% of instalments were paid punctually, with 98% of purchases incurring no late fees.
For more detailed information about Clearpay and its services, interested parties can visit their official website here. It should be noted that Clearpay is a credit service, and terms and conditions, as well as late fees, may apply.