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What is Afterpay’s relationship to Clearpay?

Clearpay is part of the Afterpay global family and provides buy now, pay later services in the United Kingdom. Customers will see a reference to Afterpay  when checking out in the UK as part of the purchase flow. You, as the merchant, continue to only have a relationship with Clearpay UK. 

How do you determine what a customer pays?

The Foreign Exchange conversion happens on the customer side of the transaction in their local currency. The customer is provided with the breakdown of the payment plan into 4 instalments through their local Afterpay entity account. This is done transparently at the time of purchase (unlike debit and credit cards).

How is the exchange rate determined?

The exchange rate will change regularly to reflect the currency fluctuations in the foreign exchange market. Our local Clearpay  entity uses a retail exchange rate for converting what the retailer charges for the goods into what the customer would pay in their local currency. 

Will my business have to pay an FX fee? 

No set-up fees, transaction fees or foreign exchange commissions are applied to the exchange rate prior to performing the conversion.  A small incremental cross border transaction fee will apply as set out in our agreement with you.

When does my business get paid? 

Clearpay UK  pays you the full amount of the product  in your local currency in line with your existing agreement. You will be able to see which transactions were settled each day (if any) by checking within your settlement report on the Clearpay Merchant Portal.

Where will the customer see the updated price of the product?

The exchange rate used to determine what the customer pays for their purchase will be shown to them on the payment screen prior to the customer confirming they wish to proceed with the purchase .

How do Returns work?

The same way they do for a domestic transaction. The Foreign Exchange and customer repayment risk is managed on the customer side through Clearpay. You refund the consumer in your local currency and the local Afterpay entity returns funds to the consumer in their local currency at the rate set during the transaction.