Pay later with Clearpay

By Jonny Haskins 7 July 2021

featured-image-blog

Get Laid Beds are now able to offer our customers the ability to pay with Clearpay. Spread your payments out over 6 weeks with 0% interest.  

This has been a highly requested option and we are delighted to offer this new payment method with the staggeringly popular Clearpay that boasts 2 million customers in the UK.  We understand that buying a bed is an important purchase and although we offer an affordable range with the highest quality in the market at this price point, it can still feel like a large commitment which is made less so with Clearpay .

What is Clearpay?

Clearpay is a "buy now pay later" (BNPL) service that offers credit/financing, allowing customers to shop online and delay paying in full at the point of checkout.   There is only one instalment plan option which is 4 payments of 25% spread over 6 weeks.  The first payment is made at the time of ordering.

Whilst a credit card will offer a longer term to pay, the fees are often excessive with many penalties which can also effect your credit score.   Clearpay is very different with a modern approach to incumbent credit card companies with a focus on avoiding the debt trap and an ethical approach to consumer spending.  

What are the costs?

0% interest and no fees.  Shop now and pay over 6 weeks.  The late fees are low and capped at £12 if you can't pay on time.  Your account will also be paused from spending too much.

Is there a spending limit?

Currently there is a limit of £1,000.  We hope to be able to offer more in the near future.  However, it's worth noting that it is Clearpay who will make a dynamic decision on spending ability at the time of the checkout.  This will be determined from your current balance, if you're a new customer or if they deem the risk factor is too high.  If Clearpay is not an available for you, then the standard method of debit and credit cards is still available of course.

So how does Clearpay make money?

Because they don't make money from interest or fees (very little), it's a very good question.  It is the merchant (online retailer) that pays a commission to Clearpay.  Get Laid Beds pays this fee in order to offer our customers a convenient and flexible way to pay.   90% of their income comes from these merchant fees with nothing to pay as a customer.

Are there Credit Checks?

No external credit checks are done.  Clearpay will run their own checks internally using their own risk scoring technology to determine spending limits.  New customers may see a limit of £650 or less with longer term customers that have more history able to go up to £1000+.

Do you have to be in the UK?

Yes.  It's currently not available for customers shopping outside of the United Kingdom due to the limitations where our business is registered.

How does it work?

Signing up is simple.  No long applications . Have your email, phone number, address, DOB, and debit/credit card handy.  Download the app or register at clearpay.com to make an account, which can also be done as part of the checkout process on the Get Laid Beds website.

The app provides excellent user friendly management with smart limits, lots of control and plenty of notifications to make sure you pay on time.

Clearpay Vs Klarna?

They are almost identical in their offering and both offer 0% interest with a payment plan split over slightly different time periods.  Klarna was established in 2005 with a decade ahead in establishing their presence in the EU due them being a Swedish company.  Afterpay was established in 2015 in Australia and 2018 in the UK.  They are both growing like rocket ships and will be of equal size in the near future.

  • Clearpay offer just one instalment plan of pay in 4 over 6 weeks.
  • Klarna offer a few varieties with their most popular instalment plan of pay in 3 over 90 days.

Why did Get Laid Beds choose Clearpay?

Get Laid Beds have chosen to offer Clearpay due to their streamlined and modern technology offering and a strong focus on the consumer's safe spending habits in mind.  

Clearpay or Afterpay?

Afterpay is the main entity which is based out of Australia.  Due to licensing issues with the use of the same name in the EU, Afterpay had to change it's name to operate in the UK and EU as a result.  A little confusing but it will make little difference to most who use it.

Responsible Spending.

Please remember that you are borrowing money to use this service and it should be treated as a debt.  Make sure that you can afford to pay this down and consider purchases carefully.

We've been featured in