Amazon UK launches installment payment with Barclays
With payments through Barclays, customers will have greater flexibility in paying for their purchases, with financing options available on terms ranging from 3 to 48 months. Novice users will select their choice of installment plan from the duration options available at Amazon checkout, complete an online application, and in most cases, they will receive an immediate response from Barclays letting them know if they have been. approved and setting exceed their spending limits. All loans are fully FCA regulated **, and Barclays conducts rigorous credit and affordability checks to ensure that the customer does not have access to more credit than they can comfortably afford. Barclays said in a press release.
If approved, customers will find their reusable credit account added to their wallet and available at checkout when shopping on Amazon, allowing them to make repeat purchases without having to reapply, as long as they stay in. their aggregate credit limit and their monthly payment limit. Payments are automated through direct debit, giving customers a simple and convenient way to pay for their purchases on time, and the account can be managed directly through the Barclays app, even if the customer does not bank with Barclays.
Amazon UK has launched a new flexible payment method, Payouts by Barclays, helping customers fund purchases of £ 100 or more on the UK website. The reusable credit account can be used for small and medium business products selling on Amazon. With payments by Barclays, Amazon is the credit broker and Barclays Partner Finance is the lender.
Barclays offers this credit account at an APR of 10.9% for online purchases on Amazon, although promotional rates and interest-free financing may sometimes be available. There are no account management fees, late fees, statement fees or other hidden charges.
Customers must meet certain eligibility requirements to apply for an installment account – for example, they must be over the age of 18 and have been resident in the UK for at least three years. Payments by Barclays are not available for orders containing Amazon Gift Cards, digital products, groceries, pre-sale products, and out-of-stock products. The minimum spend for each order is £ 100, according to Barclays.
“Every day we strive to innovate on behalf of our UK customers. Installment payments are one way to provide customers with flexible options, allowing them to choose to pay now or split the cost of larger purchases into economical monthly installments. It is a simple and transparent service from Barclays that automates monthly payments, providing greater convenience for customers making larger purchases. Rob Levy, Head of Installment Loans, Amazon UK said in a statement.
“This is a major new step in our ambition to reinvent point-of-sale payment and delight customers. Amazon offers a world-class shopping experience, and this new service gives users a fully reusable installment payment option, which they can use to spread the cost of purchases over a longer period, ” Ruchir Rodrigues, Director of Barclays Cubed & Consumer Bank Europe, noted.
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