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20 Dec 2023

The ACT office will be open as usual (9am-5pm) for the majority of the Christmas period, with some exceptions.

19 Dec 2023

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14 Dec 2023

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A bike shop that was created to provide jobs for ex-offenders leaving prison has now become a safe space for people to park their bikes.

11 Dec 2023

ACT member On The Brakes in Leigh on Sea, Essex is celebrating after being named independent business of the year in a local competition set up by a local MP to celebrate the “incredible...

11 Dec 2023

A controversial ban on e-bikes in certain pedestrianised parts of Coventry city centre has come into force, with the deputy leader of the council warning that riders can expect strict...

11 Dec 2023

Bike Europe has reported that “serious concerns” remain about the enforcement of a ban on the sale of e-bike chargers and conversion kits by one of the largest online sellers,...

11 Dec 2023

It has been reported that The Cycle Show, the major industry event held at London's Alexandra Palace and which this year celebrated its 20th anniversary, has fallen victim to the challenging...

30 Nov 2023

New research from Lime entitled “Tackling the Gender Pedal Gap” has most women facing barriers to cycling, including poorly lit streets and isolated routes. The report claims...

27 Nov 2023

Torq Zone Academy, a leading institution of vocational training in South Africa, has been re-accredited by the Quality Council for Trades and Occupations (QCTO), for another five years, to offer...

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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.

transaction

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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