227 – Nick Molnar of Afterpay – Now and Later

Online payment method that allows you to pay for your online purchases after receiving them with Afterpay... Nick Molnar, co-founder and CEO of Afterpay Holdings Ltd (allows you to enjoy your shopping now and pay it off in 4 fortnightly interest free installments) joins Pavan Bahl and guest host Paul Greenberg (NORA Network – Episode 213) at NRF Big Show. MouthMedia Network is powered by Sennheiser. In this episode: How Afterpay processes payments for 25% of all payments to retailers coming online in Australia How Afterpay came about, and Molnar came from a retail background, with his family in jewelry, a neighbor was running one of biggest investment funds in company, they partnered, and it was like fate coming together The customer pays installments without a financing fee, retailers are charged a small fee, Afterpay pays the retailer next day and takes on all the risk The average order value of $150 (every day transactions), how Millennials use debit cards more and more in the new age of budgeting tools A focus on fashion, beauty, toys, etc. NORA Network is here to showcase successes Value has been driven by Afterpay partnering with some of the biggest retailers in Australia such as Sephora How the psychology is wanting to feel better about buying apparel, a par of shoes, etc.After pay charges 4-6% depending on volume, the company is 18 months old, and what they’ve seen that is incremental growth Conversion is very strong up as much as 20%, often generating additional purchases How Afterpay is a payment processor with a cult like following Getting customers to advocate for retailers to accept Afterpay, now second behind Google in generating traffic for retailers in Australia Helping American retailers in America Afterpay’s 250 people in Australia