Arcadia introduces Klarna's "Slice it in 3" across all brands
The Arcadia group has adopted payment specialist Klarna's "Slice it in 3" option across all of its brands enabling customers to spread the cost of their shopping across three equal instalments. It is one of the first fashion retailers in the UK to offer the service.
Under the arrangement, the first part of the payment is taken via debit or credit card at the point of purchase, with two subsequent payments being deducted from the shopper’s chosen payment card automatically 30 and 60 days after that. The merchant, however, gets paid immediately by Klarna.
As with Klarna’s "Pay later" option, allowing customers to order items and only pay for what they keep at later date, Slice it in 3, doesn’t require a credit application and there is no interest, no fees and no late payment charges.
Klarna has partnered with Arcadia, home to Topshop, Topman, Miss Selfridge, Dorothy Perkins, Wallis, Evans and Burton, since 2016. Its Pay later option will remain available across the Arcadia brands for smaller basket sizes.
“We’re constantly on the lookout for new and innovative ways to make life easier for our customers and improve the way they shop. Klarna’s Slice it in 3 will deliver just that; a simple way to split payments without a formal credit agreement," said Arcadia group head of treasury Richard Burchill.
"Having worked with Klarna since 2016, we know our customers love the flexibility that comes with alternative payments, and now our designer collaborations, vintage items and limited editions will be even more accessible. We’re proud to be the first fashion retailer to offer this service, and bringing it to all our brands will give all our customers the chance to use it,” Burchill added.
Klarna UK general manager Luke Griffiths added: “Slice it in 3 is versatile and flexible for both retailers and shoppers; it’s a must have. Our relationship with Arcadia is built on years of mutual understanding, as well as a shared desire to redesign the shopping experience. That’s why Arcadia is the perfect partner for our latest product. They continue to stay on the front row when it comes to fashion and innovation by giving their customers the best possible experience. With Arcadia pioneering Slice it in 3 we can’t wait to see what their customers think of our new way to pay.”