Buy now, wear now, pay later.
That is the latest payment option in select Australian Topshop Topman locations. Expanding its audience and recognizing not all customers can pay in one lump sum, Topshop Topman teamed up with Australian-based company Afterpay for a layby [a.k.a. layaway] process.
The method involves a smartphone app, customers choosing how much they would like to spend, providing their payment details and the app generating an approval barcode to present at the register.
Afterpay, founded in 2014, facilitates transactions between retailers and the customer. The method does not require customers to go through a regular loan or pay any upfront fees or interest. Over 600 retail merchants use the process.
“To have Topshop Topman on board substantiates the strength of the Afterpay model and we look forward to continuing to expand this next phase of development,” Afterpay Managing Director Nick Molnar said in a statement. “Our 140,000 customers requested Afterpay to be provided in-store and I am thrilled that we have delivered.”
Initially available only online, Topshop Topman now offers the buy-now-pay-later-option in nine stores throughout Australia, allowing more customers to spend now and worry later.
“Knowing we can offer our customer the opportunity to pay for the item while wearing it is a true win win,” said Topshop Topman Australia Chairman Hilton Seskin. “For our millennial customer, the concept of instant gratification is key, and can now be satisfied through Afterpay, whilst providing them with the opportunity to purchase that must have item before it sells out and is gone forever”.