Today at Money20/20 in Las Vegas, Klarna, a leading global payments provider, introduced their Slice it in 4 payment option, which allows consumers to pay for purchases in installments using their own debit or credit card.
In conjunction with the launch, Klarna has signed its first U.S. merchant, Rancourt & Co., premium leather shoe crafters, to use the offering.
“Our mission at Klarna is give all shoppers greater flexibility over how and when they pay for their purchases,” said Michael Rouse, Chief Commercial Officer of Klarna. “In the U.S., consumers expect a variety of convenient payment options at checkout. By using Klarna younger, debt-conscious consumers, who prefer debit cards over credit cards, now have a better option to pay online that enables them to manage their finances while still being able to make the purchases they want. We’re thrilled that Rancourt will be the first to offer our newest payment option to their customers.”
In today’s market, 67% of U.S. millennials do not own a credit card. With Klarna’s Slice it in 4, shoppers can increase their purchasing power without the hassle of a credit agreement or long-term commitment. Four equal payments are automatically collected from the consumer’s chosen method of payment - one installment at purchase and three further payments every two weeks. The plan features no upfront costs or interest and is offered online within the merchant’s existing checkout - ensuring the purchase journey is frictionless with no redirects to other sites.
“Klarna is a recognized leader in the payments industry, with a proven track record of delivering flexible options to merchants like us, who need to keep a competitive edge,” said Kyle Rancourt, VP of Brand Management at Rancourt & Co. “By offering the Klarna option to our quality-focused customers, we are giving them the power to purchase our handmade goods with flexibility and without limiting their choices based on price.”