Frequently Asked Questions Openpay
Looking for an interest-free payment method which will allow you to pay later for your purchases? Want to pay for your purchase but can customise your repayment plan? Why not consider Openpay?
Here’s what you need to know about eligibility, returns, safety features to protect your information and much more.
What is Openpay?
Openpay UK is a relative newcomer in the UK buy and pay later market, which first became popular in Australia. Openpay allows customers of retail partners to purchase their items and spread the costs of their purchase over 30 days to 7 months.
How do I pay with Openpay?
All Openpay UK customers will be required to make their first instalment of 25% to 33% of their total when they make a purchase. The deposit amount is dependent on the number of payments, and the length of their repayment plan after that customer will pay the remaining balance on their repayment dates.
As well as this, Openpay offers more flexibility to their customers than some pay later brands, allowing shoppers to adjust the dates they can make their repayments to fit around their schedule.
Does Openpay take first payment?
Openpay customers will be required to make the first payment on the day of their purchase as a deposit. After the initial instalment is paid, customers will make equal instalments one month after the purchase, every month until the outstanding balance has been paid.
What stores use Openpay?
Openpay is available as a payment method at a variety of different retailer, some of which include;
- JD Sports
- Skinny Tan
- Woodland Leathers
- Amongst many others
How much does Openpay cost?
Customers who choose to repay over periods of up to 3 months won’t be required to pay any interest or fees for signing up to use Openpay. However, if you choose to spread out your repayments for 3 to 7 months, then you will have to pay interest on top of what you owe.
The only fees you’ll have to pay is if you miss a repayment, therefore as long as you pay on time, you won’t have to pay for anything more than your purchase. If your instalment is not paid on the day a fee of £7.50 will apply as a late fee on top of your purchase total.
All late payment fees are capped at £15 per plan.
Does Openpay do credit checks?
Yes, Openpay will perform a soft credit check when you sign up to pay with them, this is to check your creditworthiness and affordability. While soft credit checks won’t affect your credit score, they will leave a search entry on your report.
How do I make a repayment?
Payments are automatically charged to the card that you signed up with, once approved with Openpay you can make the relevant adjustments to your repayments to ensure that you find a repayment date that suits you.
As well as this you can make manual payments in addition to your scheduled monthly repayments. In the event that your circumstances change, Openpay also allows you to repay your balance early at no extra cost to you.
How do I return a purchase?
If you wish to return all or part of your order, then follow the returns policy of the retailer or merchant with whom you made the purchase.
Once your return has been processed with the retailer, Openpay will be refunded and will adjust your repayments accordingly, refunding any money that you have already paid to the card that you signed up with.
Is Openpay UK safe?
Openpay UK Limited is a PCI DSS Level 1 certified compliant Service Provider organisation and is registered on the Financial Conduct Authority’s register.
What will I need when I sign up?
To be eligible to use Openpay, you will need to be at least 18 years of age and be a resident of the UK with valid government-issued photo ID.
In addition to this, you will also need to provide the following personal information when you sign up;
- Your full name
- Email address
- Details of a valid Credit or Debit card (with which you intend to make payments)
- Telephone number
Ensuring that you provide the correct information is very important.
What happens if I cannot make a repayment?
If you need more time to make your repayment, or if you are struggling to manage your finances, you should get in contact with Openpay UK directly to discuss your options.
As although Openpay allows for added flexibility with your repayment plan, should you be unable to make a payment and get in contact before the payment is due, you will be issued a fee of £7.50. You will be required to pay these fees on top of what you owe.