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14 Nov 2023

The ACT is urging any cycling retailers affected by technical issues being reported with the 'buy now, pay later' app Klarna to consider whether they may be better served by switching to an...

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Klarna technical issues reported in the media

Posted on in Business News , Cycles News

The ACT is urging any cycling retailers affected by technical issues being reported with the 'buy now, pay later' app Klarna to consider whether they may be better served by switching to an alternative specialist retail finance provider.

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This follows a report on finance website This Is Money which talked of problems presenting themselves over the past five weeks, where Klarna said repayments were 'registered but were not displaying in the app in a timely manner'.

It said it had upgraded the financing product with fixed repayments, interest rates and duration terms.

At the beginning of October, customer payments made by direct debit weren't being registered and these were classified as 'missed payments' - which could impact credit ratings. The Financing Account lets users spread the cost of expensive purchases over a period of between six and 36 months. The account works like a credit card, so it can be used for multiple purchases which can be paid off at the same time gradually with interest. This is different to the 'buy now, pay later' scheme which only applies to one purchase at a time and won't be affected.

One customer who experienced this issue was quotes as saying that they had informed Klarna but heard nothing back for over two weeks and customer support ignored their messages.

Shawn Smith posted on X: '@Klarna still no reply to my missing payment I made on October 4th.

'This is not good service and customer support ignore my messages as it's with a specialist, but it's been more than three business days now.'

Another user replied and said: 'Same here. I've messaged them twice. They say there's an issue with their payments.

'Would be helpful if they reached out to those affected. I've turned autopay off, so I don't get double charged.

'[It better] not affect my credit score as a missed payment or incur charges.'

Another user posted: 'Klarna has taken three payments from my bank, none of which are showing on my Klarna account, and now I’m getting emails of missed payments when I have now overpaid.'

Choose the right finance provider for your business

Specialist provider V12 Retail Finance has long standing experience in the cycle market.

“The ACT's retail finance service accounted for over £140m of applications in 2022,” explains Jonathan Harrison from the ACT.

“Our partnership with V12 Retail Finance enables members to access a market-leading range of finance products with competitive rates and high levels of service. Already more than 400 ACT members are taking advantage of it, and we hope it will provide even more with not only reassurance but a higher quality retail finance experience.”

Find out more here.

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