Klarna partners with Overstock.com as it launches in the US

European payments solution provider Klarna has launched in the US, with Overstock.com as its first retail partner.

The partnership aims to simplify the checkout experience for customers purchasing on mobile devices.

Existing users of Klarna's Checkout technology will be able to complete their purchase with one tap. While new mobile web guests will need to provide email and delivery information, but will not need to enter credit card and additional information usually necessary to checkout.

Once approved, the customer has two weeks from the shipping date to pay once the order is processed, meaning customers will receive their product before having to pay for their items.

Overstock.com CEO Patrick M. Byrne said this will improve the customer experience and drive loyalty.

He added: “Klarna has done a great job removing the friction from the checkout process. During testing, Overstock’s mobile customers responded with increased conversion rates."

Brian Billingsley, CEO of Klarna North America, commented: “US customers are looking for a simpler way to buy, and retailers are looking for better ways to engage their customers. Klarna Checkout achieves both, and Overstock is a great partner as we expand into North America.”

Over 67% of Klarna's retail partners have seen their conversion rates increase 10%-50% when implementing the software, while 48% of retailers said Klarna significantly improved average order value.