Kriya FAQ

Question 1

Who is Kriya?

Accepted Answer

Kriya is a leading provider of business payments. We specialise in providing flexible payment terms so business buyers can purchase what they need up front and pay later.

We were established in 2011, and have processed over £28 billion in payments. We’re privileged to be backed by Barclays Bank, Santander Innoventures and British Business Bank.

Kriya Finance Limited is supervised by the Financial Conduct Authority for anti-money laundering purposes (FCA reference no: 750199). We are a limited company registered in England and Wales (No. 07330525)

Question 2

Where is Kriya based?

Accepted Answer

https://www.kriya.co/

Question 3

Am I eligible to use Kriya PayLater?

Accepted Answer

We offer our services to limited companies, limited liability partnerships, limited partnerships and sole traders. To be considered, your business must have been trading for a minimum of three months.

Question 4

Does using Kriya PayLater affect my credit score?

Accepted Answer

To assess your eligibility for using Kriya PayLater, a soft credit search is performed against your business, or if you're a sole trader or partnership – you as an individual. A soft credit check will not impact your credit rating. If you are eligible, the first time you make a purchase with Kriya PayLater, a hard search will be made. This will only happen the first time you use the service. This search will appear on your credit report. Multiple hard searches in a short period of time may affect your credit score.

Question 5

How does the payments process work?

Accepted Answer

Choosing to pay using Kriya PayLater means you can defer paying for goods and services until a later date. The way this works is that the cost of your order is covered upfront by Kriya, and you have extended payment terms to repay the balance. The terms available to you will depend on what the merchant you are purchasing from has decided to offer. All merchants that offer Kriya PayLater are provided a separate bank account specifically for PayLater orders. Once payment for your order is due, you'll be required to pay the balance into this bank account. The details will be on the invoice from the merchant you have purchased from. In order to pay back the amounts you owe, you will need to make payments directly to Kriya, via this bank account. Any payments made directly to the merchant will not count towards reducing the amounts you owe. Paying the merchant directly could mean delays in reinstating your spending limit.

Question 6

What does it cost to use Kriya PayLater?

Accepted Answer

Choosing to pay with Kriya PayLater is free. There are no transaction fees involved and no interest charged. However, if you are overdue in paying your invoice, you may be subject to a late payment charges. Late payments can negatively impact your Kriya PayLater spending limit.