Clearpay, a prominent player in the Buy Now, Pay Later (BNPL) sector, has announced a partnership with the esteemed London-based luxury clothing brand MATCHES. This collaboration stands out as a significant addition to the list of retailers opting for Clearpay's payment services.
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GLOClearpay, a prominent player in the Buy Now, Pay Later (BNPL) sector, has announced a partnership with the esteemed London-based luxury clothing brand MATCHES. This collaboration stands out as a significant addition to the list of retailers opting for Clearpay’s payment services. MATCHES, recognized as a premium retail destination, is now positioned to provide its online customers with an interest-free pay-in-4 payment option, enhancing the shopping experience for those inclined towards high-end fashion while encouraging financial responsibility.
The timing of this collaboration aligns with a noteworthy shift in consumer purchasing behavior. According to Clearpay’s shopping data, there has been a noticeable uptick in the acquisition of seasonal fashion items, with a 143% surge in sales for boxy jackets, 59% for trench coats, and 28% for knee-high boots. This trend underscores the synergy between Clearpay’s services and current consumer demands. Nick Beighton, CEO of MATCHES, expressed enthusiasm for 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.”
Rich Bayer, Clearpay’s UK Country Manager, also commented on the partnership, emphasizing the approach of the festive season and the importance of providing diverse 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 underscored Clearpay’s commitment to supporting retail partners in attracting new customers and increasing sales conversions.
Clearpay’s model prioritizes consumer protection, evident in its policy framework. The service is free for customers who adhere to the payment schedule. In cases of missed payments, the customer’s account is temporarily suspended to prevent further accumulation of debt. Moreover, there are capped late fees for overdue payments. Globally, Clearpay reports that 90% of transactions involve debit cards, and in the 12 months leading up to December 2022, 95% of instalments were paid on time, with 98% of purchases incurring no late fees.
Source: Matches
