Arcadia rolls out ‘slice it in 3’ payment option
Written by Hannah McGrath
Arcadia Group’s High Street fashion brands, including Topshop, Miss Selfridge and Burton, are set to roll out Klarna’s new ‘slice it in 3’ payment option.
The system offers shoppers the chance to pay for their purchases in three equal instalments, interest free, with no late payment charges. The initial payment is taken from the consumer’s debit or credit card at the point of purchase, with the two subsequent payment cards taken 30 and 60 days after.
The merchant gets paid immediately by Klarna, but shoppers do not need to complete a formal credit application and there are no charges at any stage in the payment cycle.
The Swedish payment services provider partnered with Arcadia Group in 2016 in order to develop innovative methods of turning transactions into part of the overall shopping experience.
This began with Klarna’s Pay Later service, which enables customers to try on and return items for 14 days before paying for them, which will remain available for smaller basket values for Arcadia’s brands.
The Arcadia Group owns 2,000 outlets across its brand including Wallis, Burton, Dorothy Perkins, Evans, in addition to Topshop and Miss Selfridges.
Richard Burchill, group head of Treasury at Arcadia Group, said: “We’re constantly on the lookout for new and innovative ways to make life easier for our customers and improve the way they shop.
“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.”