In this review, you’ll find all that you need to know about Clearpay as one of the buy now pay later companies. This review includes the advantages and disadvantages of using Clearpay. Should you wish to know if it favours the features and offers you’re looking on a BNPL, read more on our provider review section.
What is Clearpay?
Clearpay is a BNPL or buy now pay later company based in the UK. It is the sister company of Australian payment service Afterpay. It allows you to split your online purchases totals into four easily payable instalments.
Australian-based Clearpay, known globally as Afterpay, launched in the UK in 2019, and allows users to split the cost of an item into four chunks, taken automatically every two weeks. The service is interest-free but late payment charges of £6 apply if a balance is left unpaid on or after the due date. But when it comes to actually using the service, what’s it like?
How Does it Work?
Clearpay allies with online retailers that aims to offer simple third-party financing solutions for shoppers. It is for shoppers who want to make a purchase now but can afford to pay later. Clearpay users allows you to shop at the chosen online store. You just simply select clearpay during checkout as your payment method.
Once you have selected Clearpay as your payment method you will sign in to, or create, your Clearpay account and provide your bank or card details.
Your final payment amount for your shopping will be split into four equal amounts, the first of which will be due immediately as you confirm your order and the other three of which will be automatically taken from your account at two-week intervals.
Perks Of Using Clearpay
You can always use Clearpay for free. Each time you make purchases it’s always free as long as you pay on time. This means you will not be charged for any amount each time you use your card during check out.
Unlike other buy now pay later companies, Clearpay does not charge interest fees on your total amount. However, you might incur an interest charges hen you pay late.
Clearpay will automatically take the second, third and fourth payments from your bank account at two-week intervals.
Orders Shipped Outright
Clearpay pays the retailer upfront. This means your order is delivered right at your doorstep so that your order is shipped as soon as you pay the first instalment.
Clearpay offers just one type of payment plan and will split your total into four equal amounts that will be repaid automatically.
The Features and Promotions of Clearpay
Fixed repayment plan
Unlike Klarna and a number of other buy now, pay later providers, Clearpay only offers one type of payment plan. Arguably, this makes things simpler for the user as everyone plays by the same rules. But there’s no getting away from the fact that you can’t use Clearpay in the same way as Klarna and “try before you buy”. This is because Clearpay’s payment option involves splitting the cost of your goods into four chunks, with one instalment taken at the time of purchase. While you will get your money back if you return the item, the money is still leaving your account before you’re sure if you want to keep your new item.
What we like about Clearpay is the payments are automatic, meaning shoppers don’t need to keep an eye on due dates and risk missing the deadlines. All of this means, however, that you do need to ensure there are sufficient funds in your linked account to cover the costs. Unlike Klarna, Clearpay charges a late fee of £6 in the first instance, and if it is still not paid after 7 days, a further £6 fee will be charged. If you choose to pay by Clearpay, this is something you should be aware of.
If you use the app regularly, chances are you’ll benefit from downloading the app, available on both iOS and Android devices. It allows you to manage your payments efficiently and view your payment schedule, as well as browse through the range of online retailers that offer the provider at checkout. You can also make early payments should you wish to clear your repayment plan sooner – a handy feature for those who have the money ready and waiting.
It has collected a wide range of reviews online. On Trustpilot, the buy now, pay later provider scores 4.7 out of 5 stars and a score of “Excellent”, based on over 3,000 reviews (November 2020).
The app performs even better, with a score of 4.9 out of 5 on the App Store, that’s based on over 3,500 reviews in November 2020. On Google Play, it’s the same story. The Clearpay app scores 4.9 out of 5 stars based on 3,500 reviews last November 2020.
Frequently Asked Questions
How much does Clearpay cost?
They doesn’t charge any interest or fees to use its services. If you do not have enough money to pay The only situation in which you’ll pay more than your total purchase price is if you do not have enough money in your account to make the automatic payments. In this case, you will be charged a late fee and will need to log in to your Clearpay account to clear the balance.
Is Clearpay safe?
Yes. Clearpay is part of the Afterpay Touch Group, which is Level 1 certified by the Payment Card Industry Data Security Standard (PCI DSS). So your card details and personal information is always safe when you shop with Clearpay.
Can I use Clearpay?
You must be at least 18 years old and shop with a retailer that offers to sign up for an account. When shopping at a Clearpay retail partner, you’ll see Clearpay listed as a payment option at the checkout. Click Clearpay and complete the short application on the next page. You’ll know instantly if you’re approved to use the service.
What if I don’t pay on time?
As soon as you miss a payment, Clearpay will immediately stop you from making any further purchases with Clearpay. You will also be charged an initial late fee of £6 and a further fee of £6 if the payment is not made within 7 days. Clearpay’s late fees are capped and will never go higher than 25% of the price of the item you purchased.
What if I miss a payment?
Clearpay does not perform a credit check at the point of purchase. However, if you do miss a payment, they will charge you £6. A further £6 will be charged if payment remains unpaid 7 days after the due date.
What can I do if something goes wrong?
On the off chance that you encounter a problem with Clearpay, we suggest taking a look at the list of common questions on their web site.
Does Clearpay accept credit or debit card?
Clearpay accepts UK Mastercard and Visa credit and debit cards
Can I return purchased good via clearpay?
Contact the retailer you purchased your item from. All returns are subject to the retailer’s returns policy. If you have a specific concern or dispute, contact Clearpay’s customer service.
How can I check my payment schedule?
Log in to your online account to view your repayment schedule. The first of your four payments is due immediately when you confirm your order. The other three payments are due two weeks apart after that date.