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Some Local Bike Shop Day ideas to get you going

24 Feb 2020

Ideas that can help you to get your customers and the wider community involved in Local Bike Shop Day

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Free trade entry for The London Bike Show through the ACT

17 Feb 2020

Register for your free trade entry to London Bike Show now Read more…

The Best Small Shops competition gets a new look

14 Feb 2020

The IRC are delighted to announce a rebranding of the Best Small Shops competition to celebrate the fast-paced level of growth and to further amplify the competition

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Redesigning Retail

6 Feb 2020

How big brands are turning the traditional retail model it on its head.
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Calling all Knitters and Crocheters to take part in Reading University survey

4 Feb 2020

The Director at Stitchlinkshas put out a request to all who enjoy knitting or crocheting to take part in a study to explore the psychological effects of knitting and crocheting.
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A Brexit timeline for indie retailers

31 Jan 2020

Tonight the UK will leave the EU at 11pm GMT, ending a 46-year relationship, but what will this mean for independent retailers?

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Indie Retail Calendar 2020: February

30 Jan 2020

The Indie Retail eCommerce calendar for the month ahead to plan your sales & marketing strategies
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Indie Retail to Launch New Monthly Newsletter

29 Jan 2020

On Friday 31st January Indie Retail will be launching a monthly newsletter to be sent out to subscribing independent shops.
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Government to Introduce ‘Jack's Law' Employment Right

29 Jan 2020

The Department for Business, Energy and Industrial Strategy has announced that it will introduce new Parental Bereavement Leave and Pay Regulations.
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ACS calls for Increased Police Funding to Focus on Violence in Local Shops and Communities

29 Jan 2020

The government will increase police funding bymore than £1.1 billion for 2020-21, representing the largest funding increase for the police in ten years.
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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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