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Openpay review

See how Openpay's interest-free payment plan works and if it's right for you.

Georgia-Rose Johnson
Georgia-Rose Johnson

Updated . What changed?

Fact checked
How Openpay works Pros and cons
Openpay

What is Openpay?

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

Find out how the platform works in our guide.

What's in this review?

How does Openpay work?

1. Signing up

Signing up for the service is simple. You first download the Openpay app from the App Store or Google Play. Then, you register basic information through the app, linking your new Openpay account to your Visa or Mastercard (credit or debit). Openpay will give you an instant response to your application and once approved, you can use Openpay right away.

You’re also able to sign up for Openpay in-store when making a purchase.

2. Purchasing with Openpay

Once your Openpay account has been approved, you can use Openpay at participating outlets across the UK. These can be bricks-and-mortar shops, home delivery businesses and online stores.

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 be responsible for making the agreed repayments every two weeks. 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.
  • You choose the repayment plan. At the point of purchase, Openpay will give you several repayment schedule options. You can choose the repayment plan best suited to you.
  • Automatic deductions. Unless you specifically choose to pay cash, cheque or money order, Openpay will automatically deduct the agreed repayment every two weeks from your linked Visa or Mastercard.
  • No processing fees for certain plans. If you choose a two-month plan you won’t need to pay any processing fees.
  • 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?

You can currently use Openpay at the following UK stores:

  • WatchShop.com
  • Skinny Tan
  • Ideal Shopping Direct

Does Openpay run a credit check?

When you sign up for an account with Openpay, the provider will carry out a “soft” credit check to see whether you are eligible.

How much does Openpay cost?

Openpay is interest-free, meaning you won’t have to pay any interest on your outstanding balance. However, Openpay charges certain fees in the following cases:

  • Late fees. Openpay will charge you a late payment fee of £7.50 if you fail to make repayments on time. The fees are capped.
  • Establishment fees. Establishment fees apply to higher purchases.
  • Plan management fees. These may apply to some plans and will be applicable to every payment.

How do I sign up for Openpay?

Signing up for Openpay is quick:

  1. Download the Openpay app from the App Store or Google Play.
  2. Fill out the electronic application within the app. This includes simple, basic identifying information.
  3. List the Visa or Mastercard (credit or debit) you want linked to your Openpay account and pay an initial security deposit.
  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
  • Have a verifiable email address and two contact phone numbers
  • 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.

Pros and cons of Openpay

  • Buy it now, pay for it later. With Openpay you can order your chosen item when you want it and cover the costs later on, without having to wait until payday.
  • 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.
  • Use it in-store and online. Pay via Openpay in selected stores, as well as when shopping online.
  • 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, but this is a “soft” credit check to determine your ability to repay.

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 just over 800 reviews, with a rating of “Excellent”, as of November 2020.

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 3.1 out of 5 stars, but this is only based on 32 reviews as of November 2020.

The verdict

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

We really like that Openpay offers an in-store and online service, as well as giving 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 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, you will need to pay a 20% deposit at the time of 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. Any processing fees already paid will not be refunded.
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 fees, such as late fees, that are charged to customers.

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