Openpay review

Openpay is an interest-free buy now, pay later service that you can use to pay for goods. Openpay is available in the UK, Australia and the US, spanning sectors including shopping, cars, home improvement, medical and more.

Find out how the platform works in our guide.

What is Openpay?

Openpay is a buy now, pay later (BNPL) platform that lets you spread the cost of paying for items over an agreed monthly repayment plan of between 2–9 months. Unlike other BNPL platforms, Openpay’s repayment plans vary by retailer, with some offering longer plan lengths than others.

How do you sign up for Openpay?

1. Signing up

Signing up for the service is simple. You can sign up online at the Openpay website or download the Openpay app from the App Store or Google Play. You then register basic information, linking your new Openpay account to your Visa or Mastercard (credit or debit). Be aware that Openpay might run a credit check before they approve your account. Once approved, you can use Openpay right away.

2. Purchasing with Openpay

Once your Openpay account has been approved, you can use Openpay at participating outlets across the UK. At the point of purchase, you need to choose Openpay as the payment option and select from among several repayment options using the app.

3. Repayments

After selecting Openpay as your payment method, you’ll receive an instant decision from the app and, once approved, you’ll make your first payment with Openpay at checkout – this is usually 20% of the cost of your purchase. You’ll then be responsible for making the remaining repayments every month until your purchase is paid for. Repayments are automatically deducted as scheduled from your linked Visa or Mastercard. You can also make a payment early through the Openpay app.

What features does Openpay offer?

• Interest-free. Openpay works like a no-interest loan. You pay back the amount of the purchase without paying interest.
• Borrow only as needed. Since you use Openpay at the point of purchase, you’ll never be stuck with borrowing more (or less) than what you need.
• Quick application. It’ll take just a few minutes to download the app and sign up. Everything’s done electronically and you’ll get a decision instantly.
• Instant in-store purchases. As long as the store is a participating business, you simply select Openpay as the payment method to complete the transaction.
• Automatic deductions. Openpay will automatically deduct the agreed repayment every month from your linked Visa or Mastercard.
• No fees. As long as you make your payments on time you won’t be charged any fees. Fees are only charged when you miss an automatic payment.
• Advance repayments allowed. You’re able to make early repayments at no extra cost.
• Payment reminders. Openpay sends out reminders before your scheduled repayments.

Where can I use Openpay?

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Does Openpay run a credit check?

When you sign up for an account with Openpay, it might carry out a credit check to decide whether or not you’re eligible for a payment plan. Openpay will always ask for your permission before a credit check is carried out.

How much does Openpay cost?

Openpay is interest-free, meaning you won’t have to pay any interest on your outstanding balance. You pay no fees for plans, either. However, Openpay will charge you a late payment fee of £7.50 if you fail to make repayments on time. The fees are capped at £15 per plan.

How do I sign up for Openpay?

Signing up for Openpay is quick:

1. Go to the Openpay website or download the Openpay app from the App Store or Google Play.
2. Fill out the application form. This includes simple, basic identifying information.
3. List the Visa or Mastercard (credit or debit) you want linked to your Openpay account.
4. Instantly receive an approval or rejection.

You can also sign up for Openpay at the checkout of participating retailers.

To be eligible for Openpay, you’ll also need to meet the following criteria:

• Be at least 18 years of age
• Have a valid UK ID
• Provide a valid Visa or Mastercard (debit or credit card)

What happens if I can’t make a payment?

If you don’t make your payments on time (up to 2 days after the payment is due), Openpay will charge you a late payment fee of up to £7.50. If the payment is late for more than 10 days, a second fee may be applied, but fees are capped at a total of £15 per plan.

To avoid this issue, it’s best to get in contact with Openpay when a repayment’s missed, or when you know you’ll struggle to make it.

If you do end up in default on your plan, Openpay may engage a debt collector to recover the amount you owe.

• Late repayments can cause you serious money problems. For help, contact MoneyHelper.

Openpay customer reviews

There is a limited number of reviews online for Openpay. On Trustpilot, the brand scores 4.8 out of 5 stars based on over 3,500 reviews, with a rating of “Excellent”, as of November 2021.

The Openpay app has only 45 reviews on Google Play but it scores 3.8 out of 5 stars. On the App Store, it gets a rating of 3 out of 5 stars, but this is only based on 74 reviews as of November 2021.

Pros and cons of Openpay

• Interest-free. Openpay never charges you interest, ever.
• Flexible payment plans. At the point of purchase, Openpay will give you a range of repayment options to choose from.
• No early repayment charges. You won’t be charged extra for paying back early.
• Payment reminders. You will be sent a reminder before your payment is due.

• Late fees. You will be charged £7.50 if you are late to making a payment, but this is capped at £15 per plan.
• Credit check. Openpay will carry out a credit check on you to determine your ability to repay.

Our verdict: Is Openpay worth it?

Openpay is a direct competitor to the likes of Klarna and Clearpay.

We really like that Openpay gives shoppers the chance to choose the most suitable payment plan for them. Repayments are always interest-free and there are no hidden fees, either. The service is beginning to bring a larger number of retail partners on board, which means shoppers can make use of Openpay much more.

However, the late payment fees are something to be aware of. If you think you might struggle to meet your repayment schedule, get in touch with Openpay as soon as you can to avoid extra fees.

Frequently asked questions

How can I contact Openpay?

Openpay can be contacted through an online request form, or via phone at 0800 048 9007, Monday to Friday, 9am–5.30pm.

How do I make payments?

Your payments will be automatically deducted from the credit or debit card you used to sign up. If you want to make an early payment, you can do so using the Openpay app.

When do I make payments?

You can choose your own payment schedule when you set up your account. However, you will always need to pay an initial instalment at the time of purchase. For most Openpay merchants and retailers, the first instalment is usually 20% of the total cost of your purchase.

What if I need to make a late payment?

If you’re unable to make a payment on time, you should contact Openpay directly to discuss your options.

How do refunds work?

If you need a refund of your purchase, any payments you’ve made will be returned to your linked credit card or debit card and any future instalments will be waived.

Is Openpay safe?

Openpay is PCI DSS Level 1 certified compliant meaning it uses the highest level of secure technology to help protect your information.

How does Openpay make money?

Openpay charges retailers to be listed on the platform and also makes money from late fees.

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