Does Macy’s Layaway? – Know More

Macy’s is an American high-end chain of department stores and is well-known for good-quality products. However, with a limited budget, it becomes difficult to pay for everything you want upfront. Here, options like Layaway and Buy Now Pay Later (BNPL) come into play. Let us see about Layaway payment of Macy’s.

Does Macy's Layaway? - Know More

Does Macy’s Layaway?

Layaway is a payment method where you pay the store a deposit to hold an item for you. You then pay them in installments until you have covered the price, after which you may collect the item. This method is handy because it lets you afford things without drowning in interest. Macy’s does not generally offer an option for layaway. It may be available in some of its stores; you can ask in-store directly. Instead, they offer a BNPL option by partnering with Klarna. Klarna allows you to collect your item and pay in four equal, interest-free installments paid every two weeks. 

We will look at 

  • Possible reasons why Layaway is not an option
  • Paying through Klarna
  • Late payments
  • Benefits of using Klarna for installments
  • Other payment options

Possible reasons why layaways are not an option

  • Layaway is not as popular as BNPL options anymore.
  • Layaway has fine print terms like fees for late payments or order cancellations that might make it a less lucrative option for customers.
  • Customers using layaways cannot collect the item until they have paid in full.
  • Macy’s would have to reserve items for layaway-using customers. They would have to add to work keeping track of remaining items.
  • Macy’s has to pay Klarna a flat fee per transaction, plus a percentage of each transaction, but they get paid in full upfront.
  • Klarna takes on the customer’s credit risk so it is safe and hassle-free for Macy’s.
  • BNPL could increase sales much more than layaways because of its flexibility and ease of use.
  • Klarna gives customers perks for buying from merchants, including Macy’s, encouraging sales more than simple layaways.

Other payment options

You can use options like Macy’s card, Macy’s American Express card, PayPal, gift cards (Macy’s and third-party), and many third-party credit cards. You can mention up to ten of these in your Wallet.

Paying through Klarna

To use Klarna’s installment plan at Macy’s, you need a US-issued credit or debit card and billing address, a phone number to receive messages, an age of at least 18 years, and a purchase of $10-$1000.

For in-store purchases, you need to create a virtual Digital Card in your Klarna App with an estimate for the purchase amount. Add the Card to your Virtual Wallet on your phone and use it at checkout at any Macy’s store. The Card expires after 24 hours. 

Online purchases can be made directly via the Klarna app, or by selecting Klarna as the payment option. You will have to answer a few questions at checkout before you are approved. You will receive a confirmation email, and you can see the first charge when the order is shipped. The next three installments are processed automatically every two weeks. 

You cannot buy gift cards or Beauty Box subscriptions through Klarna.

Late payments

If you miss a payment, Klarna will ask you again, and then add it to the next scheduled payment. Missed payments and unpaid debts are sent to debt collection. This could hurt your credit score. It may even charge fees for late payments, up to $7 per missed installment, which adds to your expenses. You can, however, reach out to their customer services team and see if they can postpone your payments or help you plan better.

Benefits of using Klarna for installments

  • You get your purchase immediately, unlike Layaway.
  • You can return items to get a refund (excluding shipping and delivery charges). It usually has no order cancellation fees as you have with layaways.
  • No interest, unlike credit card systems.
  • The initial soft credit check does not affect your credit score and it stays between you and Klarna.
  • No prepayment, membership fees, or annual charges.
  • Installments can be paid automatically once you give your credit or debit card details, so you do not have to manually pay them.
  • Users can earn rewards through Klarna’s Vibe rewards club.
  • You do not pay until the order reaches you.
Conclusion:

To conclude, Macy’s does not generally offer layaways but offers an alternative in the form of Klarna, which has some of the same benefits. It allows interest-free installments, lets you collect purchases immediately and is in line with the current trend of BNPL payment methods, but it is risky and affects your credit score.

FAQs

Q: Is it riskier to use Klarna than layaways?

A: With Klarna, you pay later for something you are already using, and the ability to spend interest-free money can tempt you to spend more than you can afford to repay. You will then have to pay for late installments and collect loans that hurt your credit score, although Klarna limits your credit based on personal checks.

Q: What if I made a Digital Card in advance but spent more or less than my estimate?

A: Discard the first card: click on the My Klarna tab in the Klarna app, select “one-time cards”, and remove the pre-created Card. Make a new one with a larger pending estimate. Klarna will only charge you for your spending, not for the estimated amount.

Q: What is the return policy for BNPL purchases?

A: You can return most items via mail and in-store within 90 days of purchase and get a full refund. Shipping and delivery charges are not returned. Items must have their original tags and be in a resaleable condition. Then you inform Klarna of the return on the app: go to Orders, select the returned item, and select “Report return.” Save the tracking data or the return receipt. Klarna will process your refund within two weeks.

Q: Where can I check the status of my refunds and payments?

A: You can track these on Klarna’s app on Klarna.com.

Does Macy’s Layaway? – Know More

Leave a Reply

Your email address will not be published. Required fields are marked *

Scroll to top