Afterpay Lands Its 1,000th Mobile Payments Client in Rebecca Minkoff
Afterpay continues to plow through the market like a heated snow shovel through a snowbank, as evidenced by its recent new connection with Rebecca Minkoff. The addition of this new brand gives Afterpay a better presence in the fashion industry, but perhaps more importantly, gives Afterpay its 1,000th US retailer signed, as the company told us in recent news.
That’s right; thanks to Rebecca Minkoff, Afterpay now has fully 1,000 outlets for its interest-free installment plan system. Afterpay effectively allows businesses to extend short-term credit—four payments’ worth of credit—to anybody, regardless of credit score or any other determining factor. Rebecca Minkoff actually rolled out the new Afterpay connection as part of its “I Am Many” campaign, which itself included some visibility during the New York Fashion Week events.
While Rebecca Minkoff is Afterpay’s 1,000th US retailer, it’s been busy elsewhere as well. Reports note that Afterpay has over 17,000 retailers to its credit now worldwide, and over 2.3 million customers all told. It actually processes one in every four online fashion and beauty transactions in Australia.
Afterpay co-founder and CEO Nick Molnar noted “As we continue to expand our footprint across the U.S., we are thrilled to partner with Rebecca Minkoff, a company committed to bringing the best shopping experiences to its customers through innovation. We have traditionally seen brands and retailers increase conversion rates and incremental sales by 20-30 percent after implementing Afterpay and are eager to bring those benefits to Rebecca Minkoff and its fashion-forward, modern customers.”
Afterpay’s concept is likely a welcome one for users all over the spectrum. After all, what’s not to like about a system that effectively extends credit—albeit very short-term credit—to pretty much anyone with a pulse? It makes larger purchases more palatable; handing over a check for $1,000 might be tough, but four for $250? It just becomes a new monthly bill for a while, and some bills aren’t too far off from that anyway. Anyone with cable is probably used to writing three-figure checks anyway.
This opens up plenty of new options for businesses to make sales, and the combination of expanded markets and new options for consumers should make Afterpay a hit on both sides of the aisle, as Rebecca Minkoff will likely discover in the months ahead.