Page 23 - GS210702

CompanyProfile

Simple, transparent,

interest-free BNPL

py USA Inc. is the U.S. division of Openpay
Group Ltd., a publicly traded buy now, pay ISO/MLS contact:
later (BNPL) B2B and B2C fintech company
O based in Melbourne, Australia. The company's Brian Shniderman
flagship technology platform enables business owners to U.S. CEO & Global Chief
offer flexible installment plans. Healthcare providers,
automotive service and repair dealers, home improve- Strategy Officer
ment centers, educational firms and big-ticket retailers Bshniderman@opy.com
use the platform, company representatives stated.
602-738-7600
Following successful rollouts in Australian and UK mar-
kets, Openpay launched Opy USA in December 2020, de- www.opy.com
signed to disrupt traditional BNPL with a cost-effective
alternative to credit, debit and cash purchases. Opy's
transparent, interest-free "buy now, pay smarter" solution
offers longer terms and higher limits for purchases that Building trusted partnerships
exceed consumer budgets, noted Brian Shniderman, chief While Opy is relatively new to the U.S. market, Shnider-
executive officer at Opy USA and global chief strategy of- man is leveraging his experience, leadership and network
ficer at Openpay. from previous wide-scale implementations in banking,
fintech and financial services, according to company rep-
"With lending terms up to 24 months and limits of up to resentatives. Four newly tapped senior vice presidents
$20,000, Opy is a differentiated BNPL solution in the mar- are leading efforts in home improvement, healthcare, au-
ket that gives consumers a greater range of payment op- tomotive and education verticals. Business unit leaders
tions," Shniderman said. "Opy operates without surprises are exploring pilots and acquisition opportunities with
and offers a simple, fair, and transparent flat fee per in- a variety of vertically focused companies, the company
stallment. It is designed for life altering situations that stated.
require larger limits, helping consumers to manage their
cash flow without exorbitant interest rates." Shniderman pointed out that Opy's OpyPay solution ben-

Flexibility, transparency efits merchants by increasing average order value, total
transaction volume and customer lifetime profitabil-
Shniderman went on to say that Opy provides flexibility ity. Referral partners, who include ISOs, ISVs and mer-
and transparency with no surprises such as accrued in- chant level salespeople, can create stickiness by offering a
terest that becomes due if a consumer accidentally misses product with higher limits and longer repayment terms,
a payment. The company's late fees are fair and reason- he stated.
able, he noted, ranging from $7 to $14 dollars, depending
on loan size. Terms are clear, concise, understandable and As BNPL continues to scale globally, Opy will continue to
compliant, and when rates are represented as an effective work with industries that surround life-changing events
APR, they are lower than loans of similar size and dura- by partnering with large aggregators to access massive
tion, he added. merchant populations within targeted verticals, Shnider-
man noted. By focusing on financially mature consumers
Having seen BNPL providers charge exorbitant penalties who face high-ticket expenses, whether it's a root canal
and back interest for missed payments, Shniderman was or a leaky faucet, Opy aims to solve problems and em-
determined to build a more supportive, customer-centric power customers to be smarter with their finances and
business model. Opy never charges interest—even if a cash management. Ultimately, the goal is to change the
payment is late, he stated. way people pay for the better, he stated.

"Opy is focused less on the momentary transaction and "The U.S. payment landscape is going through a tectonic
more on the relationship, which provides a greater range change, and Opy is bringing in fairness, transparency, and
of meaningful financing opportunities," Shniderman flexibility to merchants and consumers alike by building
said. "Opy's next-generation approach, which is designed payment solutions consumers crave," Shniderman said.
for merchants, by merchants, fairly shares costs and re- "By defining the future of payments and disrupting in-
wards amongst merchants, consumers, and providers." cumbents, we're designing Opy from the ground up and
paving the way for the next generation of buy now, pay
later solutions.
23