Macy's is providing the ability to pay in four equal, interest-free installments at online checkout.
The company is one of the first retailers in the department store vertical to partner with global payments provider Klarna. Macy’s customers can now make online purchases in four equal installments with no interest by using Klarna’s “Pay in 4” buy-now, pay-later service.
In addition to integrating the Klarna Pay in 4 option on its e-commerce site, Macy's is becoming an investor in Klarna. The retailer has been fast-tracking digital initiatives and partnerships that quickly meet increased customer demand for online shopping and flexible payment options, as well as appeal to younger consumer demographics.
A number of retailers have implemented Klarna’s online installment payment solution in recent months. Examples include Sephora, ModCloth, and Forever21’s U.K. online store.
"With a strong focus on digital agility and innovation, Macy's continually seeks strategic partnerships that enable us to provide our customers with the best possible shopping experience," said Matt Baer, chief digital officer, Macy's, Inc. "We're excited to embark on a long-term relationship with Klarna that will help us reach wider audiences looking for seamless alternative payment solutions that provide them with financial control and convenience."
"Macy's is the shopping destination for American consumers, synonymous with quality, style, and celebration," said Sebastian Siemiatkowski, CEO of Klarna. "Klarna is delighted to partner with Macy's as the shift to online retail accelerates and the company continues to innovate and enhance its digital offerings to meet evolving consumer expectations, for which smart and flexible payments are essential. This strategic collaboration is firmly rooted in a shared obsession with offering a superior innovative shopping experience that builds lasting connections with consumers."