Klarna and Rancourt & Co. to offer customers 'pay over time' option

Leading global payments provider Klarna has introduced a new ‘Slice it in 4’ payment option allowing customers to pay for items in installments rather than all at once. US premium leather shoe crafter Rancourt & Co. will be the first brand to trial the service.

Klarna said its new payment option aims to help the 67 percent of US millennials who don’t own a credit card by offering them installment payments without upfront costs or interest. Four equal payments are automatically collected from the customer’s chosen method of payment - one payment during the original purchase and and three further payments two, four and six weeks afterwards.

Commenting on the announcement in a statement, Michael Rouse, chief commercial officer at Klarna, said: “Our mission at Klarna is give all shoppers greater flexibility over how and when they pay for their purchases. In the US, 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.”

Vice president of brand management at Rancourt & Co., Kyle Rancourt, added: “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.”

Photo credit: Facebook, Rancourt & Co.