Klarna and CBA

Klarna and CBA unite to support retailers

by Angus Jones

To help support and boost growth for Australian retailers, Klarna, a leading global payments and shopping service, and the Commonwealth Bank of Australia have announced zero Klarna merchant fees for the first six months for CBA merchants who integrate with Klarna online or in-store.

In addition to waiving fees for the first six months, Klarna will also offer eligible merchants continued marketing support, working closely with them to identify opportunities to drive brand awareness and engagement through social media, Klarna media services, and in-app content and activations.

The initiative comes at what is a challenging time for Australian businesses, with the latest CBA Economics Update revealing retail trade fell 1.8 per cent in June 2021, driven by lockdowns and restrictions in Victoria and Greater Sydney.

Klarna’s Chief Expansion Officer, Camilla Giesecke, said: “With over 90 million users and more than 250,000 merchants globally, Klarna’s ambition is to become Australians’ favourite way to shop while delivering incremental growth for Australian retailers. Retail has been under pressure from the persistent nature of the pandemic, and small businesses, who are at the heart of our communities, have felt its impact most.

“Through our partnership with CBA, we are delighted to make this offer available to

retailers, big or small, as part of our broader commitment to be a growth partner for the

Australian retailers. We hope this will go some way in supporting their business in the short

term, in the lead up to peak shopping season. ”

Commonwealth Bank’s Group Executive of Business Banking Mike Vacy-Lyle said: “The pandemic continues to impact retailers across Australia, with small businesses, in particular, facing cash flow challenges as a result of the lockdowns and restrictions. We recognise that some of our small business customers, particularly those in retail industries, are where the effects of lockdowns are being most acutely felt and may need extra support.

“CBA remains committed to playing a leadership role in Australia’s economic recovery, and this forms part of our broader business support. Having supported tens of thousands of businesses in the last 18 months with repayment holidays and fee waivers, we know how valuable cash flow relief can be for businesses. We believe this initiative goes some way to providing support to businesses across the country,” he said.

Merchants can sign up for this exclusive offer through their CBA relationship manager or through an online application form on Klarna’s website.

For more information and Klarna’s eligibility criteria, please visit:
https://www.klarna.com/au/commbank/

Small Business Answers has a guide to Buy Now Pay Later which can be found here.

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