The latest retailer to introduce the “buy now, pay later”
settlement model is Marks & Spencer.
It has decided to give this a try to increase its end-of-year sales and is
hoping to attract younger customers in the run up to Christmas.
To implement this solution, the firm has collaborated with a
fintech company. Together, they have
introduced a system that will allow clients to settle their bill in up to four
instalments paid over a period of six weeks. The technology will be rolled out
on the retailer’s website over the next few weeks and by mid-November, it will
be completely operational. It will also have mobile app capabilities,
that is, clients will be able to use their smartphone to access it. The
director of Marks & Spencer Bank and
Services advanced that, “We’re committed to providing our customers with
seamless, easy and convenient ways to pay, and that’s why we’ve introduced this
fully integrated and interest-free option to help spread the cost of shopping”.
However, there are certain catches. For instance, the delayed
payment solution can be enjoyed by online shoppers only and it is
exclusively applicable on purchases that are over £30. Moreover, it applies to items
in M&S’ clothing and home range solely.
The
delayed payment solution will soon be rolled out
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