Buying Christmas presents can break the bank, but the Arcadia Group – owners of Topshop, Miss Selfridge and Dorothy Perkins – have launched a new scheme designed to spread the cost of shopping.
The ‘buy now pay later’ plan allows shoppers to take home whatever they want and spread the cost of repayments, with 0% interest for the first three months.
This means that you can stock up on presents ahead of the Christmas high street crowds, or (more likely) update your own autumn/winter wardrobe without having to wait for your next paycheck.
The scheme is being launched in line with Topshop’s London Fashion Week show which is entitled ‘See Now, Buy Now’ – where the pieces from the catwalk will go on sale straight after the show.
Richard Burchill, head of treasury and card services at Arcadia Group, said in a statement: “Being able to ‘Buy Now, Pay Later’ at the click of a button empowers our customers to shop however and whenever they want.”
“Revolutionising our approach to purchasing and paying will help us boost conversion rates and ensure our customers remain our brands’ biggest fans,” he added.
How does it work?
Unlike the Toys R Us payment plan which is getting parents very excited , it looks like you will need a credit check for this scheme, run by ecommerce group Klarna.
Shoppers will have to pay a 20 per cent deposit for the plan and a £5 administration fee.
But it is 0% interest for the first three months. To qualify, you must spend £40 or more online at Topshop.com and select Buy Now Pay Later when you get to the check out.
It means you can shop immediately but delay your payment, interest free for three months. Then after the three months you can pay off the entire purchase in full or start paying monthly with interest.