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, 12-14 January, in Kensington Olympia ( stand L65). Visit the stand to see the in-store solution in action.