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

Leading global payments provider Klarna has today introduced their ‘Slice it in 4’ payment option which allows 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’s new payment option hopes 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 of Klarn, said: “Our mission at Klarna is give all shoppers greater flexibility over how and when they pay for their purchases. 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.”

VP 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.