Collaboration of technology providers set to improve the customer experience
To celebrate the launch, Vend and Klarna will be showcasing the latest integration at London’s leading lifestyle tradeshow, TopDrawer
13th January 2020: Vend, the preferred retail point-of-sale software of the British Independent Retail Association, has today announced a partnership with global payments provider Klarna. The collaboration gives customers of boutique retailers more flexible payment options, levelling the playing field for small business to compete with enterprise retail and offer Klarna’s smooth and easy payments in-store across the United Kingdom. The role out will later follow in the United States in 2020.
Hailed as the cornerstone of the high street, independent retail is celebrated for ‘retailtainment’ and experiential concepts that continue to draw shoppers to stores. While workshops, local events and initiatives attract loyal customers, innovative use of retail technology is key to support the success and profitability of these small businesses. The use of new, innovative tech frees up time for staff to focus on their unique, winning formulas that ensure local high streets can thrive.
Vend’s collaboration with Klarna puts an enterprise tool in the hands of small business retailers, so that beloved curated ‘hard to find’ items stocked by independent retailers can now be sold using buy-now-pay-later flexibility in-store on Vend ePOS, and online.
Small businesses can create a flexible checkout experience that’s easy to set up. Connecting to any smartphone, customers will be able to pay with Klarna by scanning a QR code or using a payment link provided by SMS or email, before filling out their details and selecting a payment option. Klarna then makes a real-time decision made in just seconds and Vend’s ePOS system will automatically reconcile Klarna sales at the end of the day.
Jake Jarvis, co-founder of Shoreditch-based sunglasses and apparel retailer, Hot Futures, said:
“Klarna is a great additional offering for our customers. Breaking down the payment of slightly larger investments over three payments is an attractive proposition and something our customers appreciate us being able to do. It means our customers can make decisions based on their personal cashflow.
“Having Klarna on Vend in-store gives our work flexibility and creates a better customer experience. We’re always looking to make the customer experience better and as flexible as possible. Vend and Klarna help us do just that.”
Vend chose to partner with Klarna due to the payment provider’s considerable global reach and their impressive roster of brands and retailers – including ASOS, Made.com, Boohoo, and Samsung. Klarna has recently expanded it’s in-store capabilities with the flagship launch of schuh in December 2019. The collaboration with Vend will ensure boutique retailers receive payments upfront, while customers can pay later in three equal instalments.
Higor Torchia, Managing Director, EMEA at Vend comments:
“Consumers love to buy at independent retail shops, and the ability to pay flexibly with Klarna gives shoppers more opportunity to do this, and retailers the ability to attract more customers.
“Vend’s cloud-based software allows independent retailers to manage their inventory on-the-go, running reporting analytics for users that gives insight on customer loyalty and what’s selling well. Getting Klarna set up on Vend is very simple and can be done in two simple steps. It will ensure retailers can keep track of what’s been sold should customers wish to buy in the moment, but pay when more convenient.”
Luke Griffiths, UK General Manager at Klarna said:
“One of the most exciting things about working in this space is the opportunity to partner with other fintech and payments services who are also seeking to revolutionise the shopping experience. Our partnership with Vend shows our commitment to supporting small businesses. Combining our flexible payments with Vend’s ePoS system offers a superior shopping experience for customers and retailers alike.
As we grow as a business and redefine the way people pay, we’re excited to continue these partnerships and bring flexible payments to more shoppers and retailers globally.”
*Klarna and Vend will be launching their partnership at this year’s TopDrawer event, 12-14th January, in Kensington Olympia ( stand L65). Visit the stand to see the in-store solution in action.
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About Vend
Vend is cloud-based point-of-sale and retail management software that lets retailers run their business in-store, online, and on-the-go. Vend’s software includes inventory management, Ecommerce integrations, customer loyalty, and reporting analytics. Vend integrates with other world-leading business and payments applications including Shopify, WooCommerce, iZettle, Worldpay and PayPal, and is a key retail partner in Apple’s global Mobility Partner Program. Vend is trusted by retailers in over 140 countries and is used in more than 25,000 stores worldwide. Founded in 2010, Vend has offices in Auckland, London, San Francisco, Toronto and Melbourne, and has raised more than £36 million from top-tier investors. For more information, please visit: https://www.vendhq.com/uk/
About Klarna
Klarna, the leading global disruptor of payments and banking, and provider of smoooth retail services, was founded in Sweden in 2005. Klarna currently holds a post money valuation of $5.5 billion, which ranks Klarna as the largest private fintech in Europe and one of the largest private fintechs globally. Klarna provides merchants with a flexible range of preferred payment alternatives that enable consumers to easily and securely pay when and how they want everywhere — online and in-store.
Over 190,000 merchants, including ASOS, Peloton, Swoon, Michael Kors, Superdry, Gymshark, Samsung, Topshop, Oliver Bonas and many more have enabled Klarna’s innovative shopping experience, that stretches beyond the actual transaction and also allows consumers to take control over their personal finances. Klarna has 2,500 employees and is active in 17 countries.
Klarna Products:
Pay later in 30 days
Pay later in 30 days is Klarna’s most popular product and allows shoppers to try before they buy. Customers have 30 days to pay for their goods after the item is shipped, with no interest or fees applied, ever.
Instalments
Pay in 3 instalments. Payments are scheduled automatically, with the first payment made at the point of purchase via either a debit or credit card, with the final two payments being taken 30 and 60 days after purchase. With ‘Pay in 3’ there are no interest or charges, ever.