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Nearst enables you to stay in contact with your customers via Whatsapp

27 Mar 2020

ActSmart partner NearSt introduce the option to add WhatsApp chat functionality on your NearSt shop page!
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eBay Supports Small Businesses by Waiving Fees

27 Mar 2020

eBay has today pledged to support small business owners by offering a 30day payment holiday for existing sellers and is waiving fees for all new businesses registering to list or sell until... Read more…

Deferral of VAT payments as a result of COVID-19

27 Mar 2020

UK VAT registered business with VAT payments due between 20 March 2020 and 30 June 2020 have the option to defer the payment until a later date or pay the VAT due as normal
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Coronavirus Job Retention Scheme guidance

27 Mar 2020

Check if you could be covered by the Coronavirus Job Retention Scheme
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Government Announces Three Month Extension for Businesses to File Accounts

26 Mar 2020

The deadline for filing all accounts will be extended by three months for businesses that have been affected by Covid-19
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Help with non-domestic rates in Scotland during coronavirus (COVID-19)

25 Mar 2020

To help owners of non-domestic properties, including businesses, deal with the impact of COVID-19, the Scottish Government has made changes to non-domestic rates (business rates) for 2020-21.... Read more…

COVID-19 Job Retention Scheme Advice for employers

24 Mar 2020

Tthe latest information on how employers can access the Job Retention Scheme (JRS) to continue paying 80% of the salary for employees that would otherwise have been laid off or made... Read more…

The Government's latest COVID-19 resources for retailers

16 Mar 2020

Resources for retailers with regard to the developing situation on COVID-19 including workplace absences, travel advice, office hygiene, the 2020 Budget and sick pay.
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How your independent shop will be affected by the budget

12 Mar 2020

How the Chancellor's Budget will affect independent shops as it sets out the Government's fiscal measures and response to Coronavirus

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Local Bike Shop Day Stories: Rides on Air

11 Mar 2020

Rides on Air has been in Wallingford town centre for almost 100 years. Read about how they will be celebrating Local Bike Shop Day this year!
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Nearly half of Buy Now Pay Later customers continue to be misled

Posted on in Business News, Cycles News

A recent story published in This is Money, Financial Website of the Year included survey findings showing that over 40 per cent of shoppers are unaware that missing payments when using a Buy Now Pay Later service could harm their credit score.

According to Compare the Market, one in five also felt they weren't clearly shown the terms and conditions, again raising more concerns over the increasingly popular payment method.

One company in particular, a popular Swedish finance provider that was previously mentioned by the ACT for misleading a customer and negatively affecting their credit score, has been the cause of concern for many. The firm is incredibly popular in Britain with 6million people using its three ways of paying for items since 2015. It has also begun providing in-store payment options, with 10,000 shops including H&M, Halfords and Schuh.

While the company claims to believe 'in being simple and straightforward in everything we do', This is Money found it difficult to find on its website the fact that your credit score is affected by non-payment on some of its products, something likely reflected in the survey results.

A clear example of this obscurity is under an FAQ section on the website of one of the biggest retailers it provides payment options for - H&M - it responds to the specific question of whether using the Buy Now Pay Later firm affects your credit score with: 'For more information about Klarna's credit check and if it affects your score please contact Klarna directly.'


The company told This is Money in January 2019: 'We're open about our lending policies and credit authorisation processes, and we make sure we stay in regular contact with customers to let them know when a payment is due.

'If after a period of several months we have not received payment, we advise the credit bureau that they have not paid.

'At this point a customer's credit score may be affected.'

The company also said in response to Compare the Market's research: 'Klarna does not report missed payments to credit reference reference agencies in relation to its pay later and pay in three products.

'To date, a customer's credit score has not been impacted by using Klarna's pay later products even if they have failed to pay on time'. It said its financing payment plans were Klarna's only regulated credit product.

Another recent article explains the dangers of the Buy Now Pay Later firm also being heavily promoted by celebrities through Instagram with thousands of young followers. Debt campaigners have branded the celebs "irresponsible".

Martyn James from Resolver said: "It's totally irresponsible for influencers to take cash to plug credit products on their profiles.

"There's a huge difference between plugging an expensive pair of shoes and borrowing beyond your means to pay for them.

"With little to no warnings about the risks, shoppers could find themselves sleepwalking in to debt."

New research also warns that over two million shoppers have damaged their credit scores using Buy Now Pay Later schemes.

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