Openpay, the UK’s next generation, interest free payment solution, has entered into a partnership with OneStepCheckout.
The collaboration will allow OneStepCheckout merchants to offer a range of Openpay’s payment plans at checkout, giving consumers the opportunity to split the cost of purchases over three to six months. Openpay’s core ethos is responsibility, and the Australian fintech takes an initial payment at the point of purchase, encouraging conscious consumerism and reducing returns by up to 20%.
The deal is the latest announcement in a record period of growth for Openpay, which has continued to grow across the retail sector, alongside automotive, healthcare and home improvement, memberships and education.
OneStepCheckout’s easy to navigate design addresses the top reasons for cart abandonment, namely when shoppers don't see order total upfront including sales taxes and shipping cost, when the checkout process is too long and spreads over several pages, when shoppers are forced to register before placing their orders.
Andy Harding, UK Managing Director of Openpay, said: “This is a brilliant deal for Openpay, OneStepCheckout and all of the merchants involved. One of the biggest frustrations we hear from customers is that the checkout experience is too convoluted, and OneStepCheckout’s offering is the ideal solution. Our integration will also allow seamless use of our ‘Buy Now, Pay Smarter’ plans, helping consumers across the UK manage their finances in a responsible way.”
Thien-Lan Weber, CMO of OneStepCheckout, said: "With over 10 years’ experience improving the checkout experience of tens of thousands of Magento stores globally, we know what the market wants. Online stores demand a frictionless checkout which is easy to install and configure based on their regional requirements and consumers preferences. Openpay allows just that: merchants can now meet skyrocketing consumer demand for a flexible yet responsible financing solution that proved to not only reduce cart abandonment but also increase average order value and repeat purchases. This is the perfect formula to boost online businesses' bottom lines as they get more sales for the same traffic."