OpenPay is no longer operating. It may not be used for new purchases, though existing customers must still pay off their remaining instalments.
Openpay is an innovative online and in-store payment solution enabling you to purchase now and pay later, with no interest. Openpay is available in Australia and New Zealand, spanning across different industries including retail, automotive, home improvement, medical and more.
Find out how the platform works in this guide.
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 Store. 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 more than a thousand participating merchants across Australia and New Zealand. These can be brick-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 apSee the full list of stores with Openpay
Interest-free. Openpay works like a no-interest loan. You pay back the amount of the purchase without needing to pay any 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, check 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.
What do Australians think of Openpay buy now pay later?
4.04/5 overall for Customer Satisfaction — lower than the average of 4.17
4.09/5 for Trust — lower than the average of 4.38
4.01/5 for Customer Service — lower than the average of 4.08
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:
No interest. You will not be charged interest to use Openpay.
Plan management fees. These vary based on the plan selected and the price of your purchase, but will not exceed $5 per fortnight.
Deposit. A 10% deposit is required for purchases under $2000, and a 20% deposit is required for purchases over $2000.
Late fees. Openpay may charge you a late payment fee if you fail to make repayments on time, but these are capped.
How do I sign up for Openpay?
Signing up for Openpay is quick and easy:
Download the Openpay app from the App Store or Google Play Store.
Fill out the electronic application within the app. This includes simple, basic identifying information.
List the Visa or Mastercard (credit or debit) you want linked to your Openpay account and pay a small initial security deposit.
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 must meet the following criteria:
Be at least 18 years of age
Have a valid Australian or New Zealand ID
Have a verifiable email address and two contact phone numbers
Provide a valid Visa or Mastercard (debit or credit card)
Should you offer Openpay?
Offering Openpay as a payment option in your store and online has a range of benefits for store owners. However, there may also be some potential drawbacks:
Pros
Increase conversions. Customers are more likely to make the transition from browser to buyer if your products are more affordable.
Increase average transaction value. Customers are more likely to make additional purchases when given the option to spread the cost.
Receive full upfront payment. Openpay offers full upfront payment to merchants (minus fees).
Increase brand loyalty. Flexible repayment options give customers good reason to make repeat purchases.
Fee refund on returns. If a customer returns something, Openpay will return almost all merchant fees.
Marketing opportunities. All of Openpay’s partnered merchants are featured on its website.
Cons
Fees. Merchants who offer Openpay must pay a merchant fee on all transactions made through the service. This fee is usually a percentage of the cost of the transaction. Fees will differ depending on your agreement with Openpay and the cost of the purchase.
Have more questions about Openpay?
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.
If you are unable to make a payment on time, you should contact Openpay directly to discuss your options.
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.
Openpay is PCI DSS Level 1 certified compliant meaning it uses the highest level of secure technology to help protect your information.
Openpay charges retailers to be listed on the platform and also makes money from fees charged to customers.
The minimum spend varies between businesses that offer Openpay. The minimum spend can range from $1 to $50 depending on the business.
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.
Elizabeth Barry was the lead editor for Finder. She has over 10 years' experience writing about a range of topics with a focus on personal finance. You’ll find her writing and commentary in a range of publications and media including Seven News, the ABC, MSN, the Irish Times and Singapore Business Review. See full bio
Elizabeth's expertise
Elizabeth has written 211 Finder guides across topics including:
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Do u pay for rego and fuel pump and car tools in Perth WA?
Finder
JeniOctober 13, 2018Finder
Hi Richard,
Thank you for getting in touch with Finder.
Openpay is another payment method for your online and in-store purchases only. You may check some stores that accept Openpay to get your car tools on Openpay’s directory page and choose the “auto” category or check out our full list of Openpay stores.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
Thank you and have a wonderful day!
Cheers,
Jeni
LeighAugust 28, 2018
What would my payments be on a $650 spend on openpay?
Finder
JeniAugust 28, 2018Finder
Hi Leigh,
Thank you for getting in touch with finder.
Openpay lets you choose your start date and how frequently you pay, however you need to pay a larger amount on your first instalment. You must pay Openpay an initial payment inclusive of any Establishment Fee and a Plan Management Fee for the instalment.
For your $650 spend, you would know your monthly payments as you choose your payment term – 3 months, 4 months etc., on your Openpay app. Payments are taken automatically as scheduled from your nominated credit or debit Visa or Mastercard. You can also make a payment early through the Openpay app.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
Thank you and have a wonderful day!
Cheers,
Jeni
DanJune 5, 2018
How much of my 1st payment plan do I have to have paid before I can add another payment plan ?
NikkiJune 6, 2018
Hi Dan,
Thanks for your contacting finder.
Please note that we’re a product comparison website and we do not represent any company we feature on our site. We provide general information on products to assist you in your buying decision process hence we cannot recommend product / service that is rightfully fit for you.
Openpay will give you several repayment schedule options. You can choose the repayment plan best suited to you.
You’re able to make early repayments at no extra cost and Openpay sends out reminders before your scheduled repayments to make sure you are updated with payments.
You may opt to contact Openpay to ask for the payment terms to get started.
Hope this helps.
Cheers,
Nikki
raajanApril 12, 2018
what’s the vulnerabilities of openpay?
NikkiApril 12, 2018
Hi Raajan,
Thanks for your message and for visiting Finder.
To see the pros and cons of each payment platform, you may check these pages. Zippay vs. Openpay, Afterpay vs. Openpay, Openpay vs. Zipmoney.
Hope this helps! Feel free to message us anytime should you have further questions.
Cheers,
Nikki
AnonymousMarch 28, 2018
Do I have to leave a deposit on my first purchases?
Finder
JhezelynMarch 29, 2018Finder
Hello there,
Thank you for your comment.
Upon checking, you’re required to pay a small initial security deposit. This is explained further in the Openpay’s Terms and Conditions clause number 2. It states that at the time you make a purchase, you must pay an initial payment (“first instalment”) inclusive of any Establishment Fee and a Plan Management Fee for the instalment. This first instalment must be paid using a MasterCard or Visa debit or credit card issued in your name and is payable within the Participating Merchant’s store at the time of purchase or, where you make a purchase from a Participating Merchant’s website, at the time of your online purchase.
Regards,
Jhezelyn
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Hi,
Do u pay for rego and fuel pump and car tools in Perth WA?
Hi Richard,
Thank you for getting in touch with Finder.
Openpay is another payment method for your online and in-store purchases only. You may check some stores that accept Openpay to get your car tools on Openpay’s directory page and choose the “auto” category or check out our full list of Openpay stores.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
Thank you and have a wonderful day!
Cheers,
Jeni
What would my payments be on a $650 spend on openpay?
Hi Leigh,
Thank you for getting in touch with finder.
Openpay lets you choose your start date and how frequently you pay, however you need to pay a larger amount on your first instalment. You must pay Openpay an initial payment inclusive of any Establishment Fee and a Plan Management Fee for the instalment.
For your $650 spend, you would know your monthly payments as you choose your payment term – 3 months, 4 months etc., on your Openpay app. Payments are taken automatically as scheduled from your nominated credit or debit Visa or Mastercard. You can also make a payment early through the Openpay app.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
Thank you and have a wonderful day!
Cheers,
Jeni
How much of my 1st payment plan do I have to have paid before I can add another payment plan ?
Hi Dan,
Thanks for your contacting finder.
Please note that we’re a product comparison website and we do not represent any company we feature on our site. We provide general information on products to assist you in your buying decision process hence we cannot recommend product / service that is rightfully fit for you.
Openpay will give you several repayment schedule options. You can choose the repayment plan best suited to you.
You’re able to make early repayments at no extra cost and Openpay sends out reminders before your scheduled repayments to make sure you are updated with payments.
You may opt to contact Openpay to ask for the payment terms to get started.
Hope this helps.
Cheers,
Nikki
what’s the vulnerabilities of openpay?
Hi Raajan,
Thanks for your message and for visiting Finder.
To see the pros and cons of each payment platform, you may check these pages. Zippay vs. Openpay, Afterpay vs. Openpay, Openpay vs. Zipmoney.
Hope this helps! Feel free to message us anytime should you have further questions.
Cheers,
Nikki
Do I have to leave a deposit on my first purchases?
Hello there,
Thank you for your comment.
Upon checking, you’re required to pay a small initial security deposit. This is explained further in the Openpay’s Terms and Conditions clause number 2. It states that at the time you make a purchase, you must pay an initial payment (“first instalment”) inclusive of any Establishment Fee and a Plan Management Fee for the instalment. This first instalment must be paid using a MasterCard or Visa debit or credit card issued in your name and is payable within the Participating Merchant’s store at the time of purchase or, where you make a purchase from a Participating Merchant’s website, at the time of your online purchase.
Regards,
Jhezelyn