Isn’t it amazing how we’ve gone from using cash to pay for goods in stores to now being able to order something from across the world with just a few clicks?
Newer and cooler ways to make purchases continue to emerge, and one of the more recent ways is Buy Now Pay Later (BNPL) platforms. If BNPL is something you’ve vaguely heard about but not quite sure how it works, keep on reading for a quick guide - with an explanation of two of the most popular BNPL platforms: Klarna and Clearpay
What Is BNPL And How Does It Work?
BNPL is pretty much what it says on the tin, customers are able to go ahead with purchases but delay when they actually pay for it. You may have heard of Klarna and Clearpay, as they’re the leading names for BNPL platforms. Although both very popular, their approaches are a little different, here’s how:
Clearpay has one method of payment:
- Payments will be split over four instalments which are to be paid back over regular two-week intervals.
On the other hand, Klarna has three different ways to pay:
- 30 Days: payments must be made within 30 days of purchase.
- Slice It: payments are spread across monthly instalments over up to 36 months.
- 3 Payments: three equal instalments are split across three decided dates.
What’s The Catch?
There is no catch! As long as payments are made on time, Clearpay and Klarna are free to use - there are zero hidden interest fees. Gone are the days where payment plans with eye-watering interest rates existed.
So, if you’re itching to buy something (like the latest trainers on our New Arrivals page) but don’t want to wait til payday - Klarna and Clearpay is perfect for you. Head over to the new arrivals to start buying now, and pay later!