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Openpay is not currently accepting new applications from merchants or offering new plans to customers in the UK. Existing customers can continue to pay their plans using the Openpay portal. This page has been preserved for historical purposes, and you can compare a range of buy now, pay later providers here.
Openpay is an interest-free buy now, pay later service. Openpay has been available in the UK, Australia and the US, spanning sectors including shopping, cars, home improvement, medical and more. But in February 2022, it revealed that it’s planning to largely withdraw from the UK market, except via “strategic partnerships”. This means you’ll no longer see it at the point of sale at stores where you’ve seen it offered previously.
The rest of this guide relates to the service that Openpay offered previously in the UK.
Openpay is a buy now, pay later (BNPL) platform that spreads 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.
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.
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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.
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.
Signing up for Openpay is quick:
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:
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.
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.
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.
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