Stores like Klarna:
The buy now pays later market is flooded with competition, so the major competitors of Klarna in this vast market are Affirm, Sezzle, Afterpay, Laybuy, Quadpay, split it, ViaBill, GoCardless, J2store, Sunbit, four, future pay, partial.ly and PayPal credit. They all offer something different from each other so making the right decision can be overwhelming sometimes. ..
How does Klarna work?
Klarna is a buy-now-pay-later store where the customer can buy the product they want and pay the full price of the product in 3 installments. So if a store has a tie-up with Klarna, you will need to go to that payment if you already have an account in it and select the payment option. If the total price of the product is $1,000, then you will need to pay only $250 for the product and the rest of the amount you will need to pay in each installment due in 2 weeks. The loan is interest-free, but if you miss an installment, they will charge you late fees. ..
What are the other payment plans offered by Klarna?
The company offers a payment plan in which the customer pays their money in 30 days. There is no interest, but the customer must pay their money by the deadline or late fees will be applied.
The company offers a payment plan where they check your credit score and, depending on that, you get the interest rate and the loan amount. The higher your credit score, the lower your interest rate and insurance premiums. ..
Klarna and its competitors’ late charges
What are the interest rates charged by the companies?
What are the term lengths or installments for each company?
Klarna’s pros and cons:
Conclusion
Klarna is a company that has managed to stay in the market for a long time and has offered great perks to their customers and cardholders. They have a late fee of $7, which is better than most of the companies in this field, and also offer good perks such as free shipping on orders over $50. Their major competitors are Affirm, Sezzle, quad pay, afterpay, and PayPal credit. They all offer something different and are always in line to take over the other if the first makes a mistake. You need to come up with some new ways to be successful in this business as there are many competitors out there.
The company does not perform a hard credit check on their customers, while its competitors do. ..
Nike, Microsoft, Samsung, Reebok, and many more companies are assigned to Klarna. Klarna is a company that specializes in providing online payments and has become one of the most popular payment platforms in the world.
