M&S is to let customers pay for online purchases in four instalments over six weeks interest-free.
The option will be available on purchases of clothing and home products worth between £30 and £800 from mid-November.
The option requires no credit application and simply splits the usual single payment into four, according to M&S.
Customers can check the status of payments or bring them forward to an earlier date using a new app from Clearpay, M&S’s payment partner in the new service.
Late payments incur fees capped at 25% of the original order value or £36, whichever is less, following a “small grace period”, an M&S spokesman said. He said the default rate was expected to be lower than 1%.
The move was “the latest step in M&S’s far-reaching transformation, becoming more relevant to customers with widespread change across the business”.
M&S Bank and services director Kirsty Ward said: “We’re committed to providing our customers with seamless, easy and convenient ways to pay, and that’s why we’ve introduced this fully integrated and interest-free option to help spread the cost of shopping on M&S.com.”
Clearpay UK CEO Carl Scheible said: “We are thrilled to launch with M&S especially as we head into the busy Christmas shopping and trading season. We’re looking forward to being part of their development as they continue their transformation for customers.”
No comments yet