Nick Molnar

Martin talks with Nick Molnar, CEO and Co-Founder of Afterpay (Clearpay in the UK) one of the world's leading payment solutions. Nick shares how Afterpay places customer centricity at the heart of their business by focusing on hiring the right talent, creating purpose behind the company mission, using data to drive decisions and building community to develop trust and reputation. Within 10 years, millennials and Gen Z will account for 50% of all retail spending and Nick shares how he is driving Afterpay to meet those changing consumer requirements. 

Bob interviews 28-yr old Nick Molnar, CEO of Afterpay. After starting in the jewelry business he co-founded a revolutionary reverse layaway program for Millennials now worth over $2 billion in just four short years.

Two powerhouse millennial entrepreneurs share what makes their generation tick… and shop. Show host Matt Rubel digs deep with Nick Molnar, who at age 28 has built the over $2B company Afterpay, and Jane Lu also known as @TheLazyCEO, who used social media to build fashion site Showpo. Learn how retailers can engage the generation who will earn half of all disposable income in the US by 2025 (hint: it’s all about building trust, authenticity, purpose and community, not to mention joining Lu’s Like Minded Bitches Drinking Wine club!). See acast.com/privacy for privacy and opt-out information.

Online payment method that allows you to pay for your online purchases after receiving them with Afterpay... Nick Molnar, co-founder and CEO of Afterpay Holdings Ltd (allows you to enjoy your shopping now and pay it off in 4 fortnightly interest free installments) joins Pavan Bahl and guest host Paul Greenberg (NORA Network – Episode 213) at NRF Big Show. MouthMedia Network is powered by Sennheiser. In this episode: How Afterpay processes payments for 25% of all payments to retailers coming online in Australia How Afterpay came about, and Molnar came from a retail background, with his family in jewelry, a neighbor was running one of biggest investment funds in company, they partnered, and it was like fate coming together The customer pays installments without a financing fee, retailers are charged a small fee, Afterpay pays the retailer next day and takes on all the risk The average order value of $150 (every day transactions), how Millennials use debit cards more and more in the new age of budgeting tools A focus on fashion, beauty, toys, etc. NORA Network is here to showcase successes Value has been driven by Afterpay partnering with some of the biggest retailers in Australia such as Sephora How the psychology is wanting to feel better about buying apparel, a par of shoes, etc.After pay charges 4-6% depending on volume, the company is 18 months old, and what they’ve seen that is incremental growth Conversion is very strong up as much as 20%, often generating additional purchases How Afterpay is a payment processor with a cult like following Getting customers to advocate for retailers to accept Afterpay, now second behind Google in generating traffic for retailers in Australia Helping American retailers in America Afterpay’s 250 people in AustraliaSee omnystudio.com/listener for privacy information.

Nick Molnar has figured out how to encourage customers to buy more. He is the founder of Afterpay, a simple payment system that lets customers buy what they want today (in fact, they can take it home immediately), then pay for it over 4 equal fortnightly installments. It’s also proving a great way for retailers to sell more. Here's how Afterpay works for merchants. We cover plenty of ground in this chat including: What Nick learnt working in his family's retail jewelry businessHow to encourage customers to buy more How the idea for Afterpay came about How Afterpay enables retailers to increase sales How Nick rallied his most loyal customers to do his marketing Plus plenty more Plus I launch a new segment called What Have You Got To Lose? in which I share one simple yet effective marketing idea that you can go and implement immediately. An idea that won't cost a fortune (if anything) to implement, and that might just generate you more awareness, more enquiry, and ultimately more sales. EPISODE TIMELINE 00:00  Love for Cornerstone Business Solutions & WebCentral00:56   Teaser01:25  Welcome & overview03:32  Today’s guest introduction - Nick Molnar of Afterpay07:08  Interview with Nick Molnar of Afterpay39:06 Insights into Cornerstone Business Solutions & WebCentral41:36  My Top 3 Attention Grabbers from my chat with Nick Molnar of Afterpay44:00  [New Segment}] What Have You Got To Lose?45:59  Listener feedback49:24  Wrap-up and an insight in to both a past guest & next week’s guest  MY TOP 3 MARKETING ATTENTION GRABBERS Be customer-centric. Never stop looking at your business through the eyes of your precious customers. Be a customer of your own business. Ask customers what they think. Hold focus groups. Do whatever it takes to make this a fundamental tenant of how you grow that beautiful business of yours. Get your customers to do your marketing. Nick’s social media push asking AfterPay customers to encourage their favourite retailers to get AfterPay is genius. What can you get your tribe to do? Know your numbers. This one scares a lot of business owners. But chunk it down. Start by identifying two or three metrics that you could track on a daily basis. It might be website traffic, phone enquires … maybe even sales! As you start to see trends, then put in place ideas to see if you can effect a positive change to these numbers.  RESOURCES & LINKS MENTIONED How AfterPay works Interview with Karl Schwantes about how to market a retail jewelry business Podcast Listener Survey - 70-seconds of your time will lead to an even better show ;0) Create Freedom Through Outsourcing Tour #3 What Have You Got To Lose? blog post - This will build each week as a new idea gets added  EPISODE SPONSORS WebCentral - Exclusive listener offersGet your online marketing sorted with these exclusive listener offers. Cornerstone Business SolutionsReduce your wages bill by up to 75%  OVER TO YOU … What was your biggest marketing learning or ah-ha moment from this episode? Leave your comment below. My guest and I respond to each and every comment.See omnystudio.com/listener for privacy information.