There is a new movement coming from the Scandinavian shores when it comes to buying stuff online called Klarna. In a nutshell Klarna provides a transaction approvement on your behalf ensuring the payment to the merchant is guaranteed. Klarna takes care of the invoicing and the money collection, which leaves the end users (you and I) with two choices: pay by invoice or pay by account. Pretty simple and straightforward. Klarna is now one of Europe’s largest banks and is providing payment solutions for 60 million consumers across 70,000 merchants in 14 countries.
So what's in it for Klarna? I'm curious to know where the catch is with deals that seem too good to be true. The truth is that Klarna is a win-win for both merchant and end user. If you're a business owner, then Klarna will secure the payment and prevent people from being detracted from the gateway. It also enables cash flows within companies. Suppose you're a startup company and I went on one of my notorious spending splurges and bought a couple of grands' worth of denim from your shop (not happened to date but the day is young) and the monies only transfer into your account only once you deliver that product. Klarna makes money by charging the merchants a percentage and by charging the customers interest if they want to make payments.
HOW DO I USE KLARNA
This was an interesting experiment for me. For one, the checkout experience when shopping at the multitude of merchants now offering the Klarna payment is now a breeze. I did the bulk of my haul through Asos, but there many more brands using Klarna, Topman, Burton Menswear, Schuh to name a few.
I'm not a fan of submitting bank details online so fast tracking the payment process and having the added security of not needing to provide merchants with my credit card info is an immediate thumbs-up.
From the haul you'll see that I treated myself to a the Muscle Harrington Jacket In Green, the Pull & Bear Faux Suede Bomber Jacket In Beige and the Skinny Denim Jacket With Cord Collar In Mid Wash. These are very staple pieces that will upgrade any man’s casual wardrobe. Their neutral and muted hues make them highly interchangeable with my other picks such as the grandad lightweight tee and the New Look Skinny Stretch Denim. The price point on those denim is insane. For anyone looking to sabotage or play around with abrasions, tears or tye-dye then start with these jeans. For £19.99 you can't go wrong, even if you go wrong! Here are the items I decided to buy:
With the buy now pay later capability it increases my optionality tenfold. For a start it alleviated the pressure of decision making. For example, if I'm meeting someone, friend or client, I like to dress in a different outfit to what they most likely would have seen me wearing in an INSTA post the day before. But having to pay for a dozen outfits at once just to keep people on their toes isn't the game plan. Klarna certainly helped me make some quick decisions which enabled me to pull the trigger on my outfits, and because of the delayed payment it nullified any immediate panic or buyer’s remorse. It's also convenient for me to structure my payments so they don't clash with other outgoings, like Netflix, utility bills, caffeine replenishments.
Save the best to last, but one of the biggest benefits of using Klarna this month is that I get to inspect the goods before settling up. This is especially useful with fashion because how many times have you had to send stuff back, either wrong sizing or faulty goods etc. It's not good practice but I know from being an E-Tailor that a lot of people like to buy a few sizes in the same garment, knowing from the onset they'll be sending the ones that don't fit back.
In my opinion a very good experience. Enabled me to shop without feeling the weight of imminent payment, gave me great optionality, provided security and peace of mind and I feel more empowered knowing I can inspect any goods before having to pay.
Here are the outfits I've styled, which outfit do you love more?