Openpay is a popular Buy Now, Pay Later credit company. They initiated their venture in 2013 and have grown to become one of the major BNPL providers in Australia and New Zealand. They provide a flexible and convenient way of making purchases with instalments spaced out up to 2 weeks each.
There are no hidden fees and interest added. Plus you get a selection of handpicked, top-shelf retailers that offer the essentials and in-demand items at your total shopping convenience. You can pay it with some of the most convenient and flexible payment plans available among local small loan companies.
Openpay’s Main Features
- Zero-interest rates
- Up to $20,000 in maximum credit, depending on approval
- Flexible payment terms, available in weekly and biweekly instalments
- 1-24 months to pay
- $9.50 late payment fee up to 2 days after the deadline
- Accepts payments in credit and debit cards, cash, check, or money order
- Carefully selected shops and retailers with essential and important items and services
Openpay’s initial deposit policy makes the customer commit to the purchase. This will eliminate buyer risks and returns. A safety net is made for business partners and Openpay.
Openpay’s system is more relaxed and affordable. The rest of your total can be set in weekly and fortnightly payments within 1 to 24 months. Payments anytime outside your schedule are also accepted without penalties or service fees.
How does it work: A flexible payment system
Openpay makes it a convenient and easy-to-use credit system to pay for online and in-store shopping. The payment terms are also flexible, allowing you to pay your choice of weekly and biweekly payments. Their app manages these plans and is available on iOS and Android.
- First, sign up with Openpay for your account.
- Download the Openpay app and fill out the application form and other information needed.
- Openpay can also be activated at checkout from online and in-store purchases.
- Link up a debit or credit card as the source of your funding next.
- Your application will be confirmed in minutes. A basic ID and credit check will be done.
- You can then go ahead and shop with Openpay’s partner retailers. A minimum upfront instalment will be paid first to commit to the payment plan and the purchase.
Openpay’s system and security requirements help them choose financially stable customers. While their services help with these quick loans, they also promote responsible shopping loans and smart savings.
Customers who need a higher credit limit will have to get involved with some additional fees. For higher purchases not greater than $20,000 total, Establishment fees will be calculated and discussed before approval. There will also be additional Plan management fees depending on the plan and credit limit applied for or chosen. Applicable fees approved will be added to the totals.
Openpay Account Requirements
- Openpay applies to all Australian and New Zealand customers.
- Must be 18 years old and up.
- Can present a valid ID.
- Has a working email address and phone number.
- Must have a debit or credit card (Visa and Mastercard).
Shop with Openpay’s network of retailers
Major BNPL and shopping loan companies hold a huge number of the latest hot shops and stores. Openpay chose to maintain a medium-sized but well-picked group of local and national retailers with in-demand items and loved and needed by most homes.
The majority of them are common out-of-the-budget purchases and some emergency buys. Some are for house projects, automotive needs, last-minute gifts, specialty products, health and personal care, and today’s essentials.
The well-rounded roster of retailers has got your important basics covered. Openpay has easy access for you to maintain the important house and living lists for Health & Wellbeing, Fashion, Lifestyle, Beauty, Trades & Services, Automotive, Sports & Outdoors, Home & Garden, Healthcare, Home Improvement, Membership Shopping, Education, and other well-loved home and living essentials. They can also save customers some money along with affordable pricing on top of flexible repayments.
Join Openpay as a Business Partner
Businesses are invited to partner with Openpay as well. This adds an extra shopping payment option for old and new customers on both their online and in-store/delivery shops. Main conveniences include:
- Full upfront payment
- Increased conversion
- Initial deposit on purchase means committed sales
- Access to Onepay’s customer network
- Merchant fees are refunded for customer returns
- A stellar lineup of retailers with trusted brands
- Easy integration with major eCommerce platforms such as Commerce Vision, Demandware, ePages, eStar, Magento, Magento 2, Opencart, Pronto, Seams Systems, Shopify, Shopify Plus, Woo Commerce, and more.
- Support, reports, help, and resources are available at The Partner Portal.
With Openpay, you can access a well selected and screened market of 162,000 active customers (as of late 2020), with more than 337,000 active plans ongoing. Businesses get instant access to these new customers once they sign up. They are also able to offer alternate payment options that improve their quality of service and keep their brands well known in the competitive industry.
Openpay’s B2B or Business to Business service takes care of your business management from top to bottom for its Openpay Business plan. It uses a SaaS-based platform or Software as a service application. All the tools you need when doing business with Openpay are provided in an easy-to-use dashboard.
Retailers can open an Openpay Business account anytime. Applications are accepted on their business page. Merchants have their dedicated merchant log-in section to access the dashboard for all maintenance and notifications.
Openpay’s presence in the Stock Market
Openpay has recently ventured into the stock market augmented with a steady growth rate and high market capitalization. For those who want to do deeper business with Openpay, you can become an investor and consult through their Investor Center. This new fresh stock market entry is updated and detailed here for up-to-the-minute news and details.
Openpay has been trading on the ASX or Australian Stock Exchange for a year now. Investors and stock buyers are invited to partake in these fresh shares that have started trading in the company since 2020.
Openpay’s current value on their share price information is at $2.63, with an OPY Market Cap currently valued at $259 Million. More information is available at Investors.openpay.com.au.
