Do you use Buy Now, Pay Later (BNPL) schemes when shopping online? Have you felt overwhelmed by the options at the checkout? We want to hear from you.
An increasing number of online retailers offer ‘Buy Now, Pay Later’ (BNPL) schemes at the checkout – we want to see firms like this regulated by the Financial Conduct Authority.
BNPL firms, such as Klarna, Laybuy and Clearpay, allow you to order your items and pay for them either in instalments or at a later date.
But we don’t believe it’s always clear at the checkout how the BNPL schemes work or the nuances between different providers. We’re looking into how these schemes are presented at online checkouts and on retailers’ websites, and want to hear about your experiences when using them.
Chaos at the checkout?
An influx of BNPL schemes at the online checkout means deciding how to pay for your order isn’t as straightforward as it used to be.
Some online retailers offer a number of different BNPL schemes that are often promoted from the minute you click onto the homepage and product listing pages all the way through to the checkout. We’re concerned that there’s often sparse detail on how each scheme differs in terms of late fees, credit checks and how repayments actually work in practice.
We want to hear from you if you’ve ever felt confused or overwhelmed at an online checkout that offers multiple BNPL options; did you understand the difference between the schemes? Were you confident you knew exactly what you were signing up to?
Could the retailer have done more to explain the nuances between different providers?
Or if you’ve over used a BNPL scheme and found yourself caught out by late fees or repayment dates that weren’t clearly explained by the retailer, let us know in the comments below.
Have you used multiple BNPL schemes?
We also want to hear from you if you’ve taken out more than one BNPL repayment plan at a time.
Perhaps you’ve shopped with a retailer that offers Klarna and Laybuy, and decided to place two separate orders taking out repayment plans with both providers? Or maybe you’ve used Klarna to pay for orders from a number of different retailers, racking up a handful of repayment plans.
Let us know if you’ve taken out multiple BNPL plans at one time and how you found the experience of managing the repayments.
Whether you’re put off by the influx of BNPL schemes at checkouts or use BNPL wherever you can online, get in touch with your experience in the comments below or email us at yourstory@which.co.uk
Your experiences will help inform our investigation.