Online payment method that allows you to pay for your online purchases after receiving them with Afterpay…
Nick Molnar, co-founder and CEO of Afterpay Holdings Ltd (allows you to enjoy your shopping now and pay it off in 4 fortnightly interest free installments) joins Pavan Bahl and guest host Paul Greenberg (NORA Network – Episode 213) at NRF Big Show. MouthMedia Network is powered by Sennheiser.
In this episode:
- How Afterpay processes payments for 25% of all payments to retailers coming online in Australia
- How Afterpay came about, and Molnar came from a retail background, with his family in jewelry, a neighbor was running one of biggest investment funds in company, they partnered, and it was like fate coming together
- The customer pays installments without a financing fee, retailers are charged a small fee, Afterpay pays the retailer next day and takes on all the risk
- The average order value of $150 (every day transactions), how Millennials use debit cards more and more in the new age of budgeting tools
- A focus on fashion, beauty, toys, etc.
- NORA Network is here to showcase successes
- Value has been driven by Afterpay partnering with some of the biggest retailers in Australia such as Sephora
- How the psychology is wanting to feel better about buying apparel, a par of shoes, etc.After pay charges 4-6% depending on volume, the company is 18 months old, and what they’ve seen that is incremental growth
- Conversion is very strong up as much as 20%, often generating additional purchases
- How Afterpay is a payment processor with a cult like following
- Getting customers to advocate for retailers to accept Afterpay, now second behind Google in generating traffic for retailers in Australia
- Helping American retailers in America
- Afterpay’s 250 people in Australia