(PR.co.nz) Cin7, the world’s leading cloud-based inventory management software, is now Afterpay accredited for point of sale transactions in Australia and New Zealand. Afterpay is a financial technology service that allows retailers to be paid up front while their customers benefit from a no-interest instalment plan.
Cin7 is a complete inventory management solution with a built-in point of sale system that integrates with Afterpay. In addition to taking transactions, retailers who use Cin7 can manage gift cards and promotions, view available stock across all locations, including warehouses, and route orders from the register. Cin7 also integrates all sales channels, allowing for omnichannel options like click and collect.
In-store purchases made using Afterpay are divided into four equal fortnightly payments, with the first payment due at the time of purchase. There are no additional fees to the customer who pays on time and no fraud or credit risk to the retailer. This “evolved lay-by” encourages people to shop more often while avoiding debt. Afterpay, promoted as an alternative to credit products, has been particularly successful among millennials, many of whom are savvy with their spending and averse to credit cards.
“Cin7 is proud to partner with Afterpay, one of Australasia’s most successful consumer-facing tech companies,” says Cin7 Founder and Chief Architect Danny Ing. “Rather than taking eight to 10 weeks for integration with an uncertified POS system, retailers who use Cin7 can have Afterpay up and running in about three weeks.”
Afterpay now handles more than 10 per cent of Australia’s online retail, with more than 2.6 million active customers and more than 23,400 merchants across Australia and New Zealand. New Zealand was Afterpay’s first international expansion in 2017, launching with Trade Me, and went live in the US in May 2018 with Urban Outfitters. During its first six months, Afterpay signed up more than 1,400 US retailers and now has 3.5 million active users and over 25,000 merchants globally.
Afterpay Touch Group Limited is currently Level 1 PCI DSS (Payment Card Industry Data Security Standard) accredited, the highest level awarded, doing more than 6 million Visa or Mastercard transactions per year. PCI DSS standards exist to prevent card fraud, so Level 1 accreditation also means that Afterpay must adhere to stringent requirements regarding what sensitive card information may be stored, processed or transacted through Afterpay Touch’s systems.
On 18 January 2019, Afterpay’s shares surged almost 10 percent after an Australian Securities Exchange announcement that its US platform had processed $260 million in sales in the six months to December.
Media Release 24 April 2019.