The buy-now-pay-later provider Clearpay has introduced cross-border trading for its UK merchant partners, allowing them to offer their products to buyers in the US market.
This latest addition to the platform will allow merchants based in the UK to reach more than 20 million shoppers across the pond in the United States.
In the UK, online shopping saw accelerated growth by the equivalent of ‘three to four years’ during the pandemic. In addition, it is estimated that ecommerce now represents a $4.89 trillion gross merchandise value (GMV) opportunity globally.
Once logged in to Clearpay (which is also known as Afterpay outside the UK and Europe), shoppers see the total basket amount in their local currency during checkout and will be charged this amount. They’ll also benefit from being able to pay via four instalments over time, without incurring interest or currency conversion fees.
Clearpay first introduced cross-border shopping in the markets of Australia and New Zealand back in March 2019, which was followed by a similar launch in the UK in mid-2020. Towards the end of 2020, Clearpay also enabled US merchants to sell to consumers abroad. As a result of this, global cross-border sales increased by approximately 120% between July 2020 and June 2021.
“With Clearpay’s new cross border offering, we’re delivering to our merchant partners new customers who are proven to convert from browsers to buyers at a much higher rate – bringing increased sales, without additional set-up costs or fees,” comments Clearpay’s UK Country Manager Richard Bayer. “I’m thrilled that merchants in the UK will now have an added opportunity to grow their business just in time for the busy holiday season.”