The way we shop is constantly evolving, and a key change in recent years has been the ability to shop now and pay later (BNPL). Here at Christies we want you to get the best from your shopping experience, which is why we want to provide as many options as possible while helping you to use them effectively and safely.
At this stage most of us have used buy now, pay later services. Whether it’s for a big purchase or you’re just waiting on payday, BNPL can offer a great option when making personal or business purchases. As such, we’ve made a number of these payment methods available on our site:
Klarna
Klarna was founded in 2005 with the aim of making it easier for people to shop online; after nearly 20 years in the business, Klarna are now one of the top payment services on the planet. With over 150,000,000 active customers (that’s a lot of 0’s) and 500,000+ merchants (that’s us!) they’re also one of the most trusted.
When selecting Klarna as payment you have two options,
1. Pay Later in 3 Interest-Free Instalments
2. Pay Later in 30 Days.
These options are available interest-free making them fantastic for business costs or large orders.
For more information on eligibility and FAQ you can check out Klarna here
PayPal
PayPal is one of the most recognisable, and trusted payment services across the world. By using the existing infrastructure created by bank accounts and credit cards, PayPal makes it easy to pay friends, family and businesses (like Christies) quickly and conveniently. BUT did you know that in recent years, PayPal have upgraded their BNPL offerings, giving you a number of choices when checking out through their services. For these services to apply, you will need to sign up to PayPal credit via their site, which will then give you access to options such as:
1. Interest-Free 4-month plan
2. 6 to 24-month installments
3. Transaction spread
The interest-free plan allows you to spread the cost of payments over €100 across 4 months. This is in the form of a fixed payment per month, totalling the amount spent. For example, if you use this on a €100 spend, you will pay €25 at the time of purchase, then €25 for the 3 months following your payment.
Paying in longer-term installments like 6-24 months usually means higher interest rates, and paying more than the initial purchase would be if paid in a lump sum. While this can result in higher charges, this is also a useful option and one that suits many buyers.
Spreading a transaction below €99 is also an option, with interest rates available depending on where you are.
You can find out more directly from PayPal here
Tips for Shopping Smarter with BNPL
While BNPL offers several advantages, it's essential to use this payment method wisely to avoid potential pitfalls. Here are some tips for shopping smarter with BNPL:
- Set a Budget: Before using BNPL, determine your budget for the purchase and make sure you can comfortably meet the instalment payments.
- Check the Terms: Read the terms and conditions of the BNPL service you're using, including any potential fees or interest charges.
- Pay on Time: Timely payments are crucial to maintaining your credit score and avoiding late fees. Set reminders if necessary.
- Avoid Overspending: Don't get carried away with BNPL and accumulate more debt than you can handle. Be mindful of your overall financial situation.
- Compare Providers: Different BNPL services may have varying terms, so compare options to find the one that suits your needs best.
All-in-all, Buy Now Pay Later solutions can offer a beneficial service to business owners and private shoppers alike, but care should be taken when you decide to use these. Always make sure you know exactly what each service offers and any other key details like interest rates and payment windows so you don’t accidentally end up overspending.
