Synchrony (NYSE: SYF), a leading consumer finance company, today announced that merchants will now be able to offer a short-term, interest-free payment option, Synchrony SetPay pay in 4 , through Clover Point of Sale and Fiserv, Inc.’s system business management.
This buy now, pay later (BNPL) offering will further expand the reach of Synchrony’s innovative payment and financing options and enable select merchants using Clover to accelerate their growth while providing consumers with more choice and flexibility. especially at the point of sale. »
With more than a third of buyers saying they are more likely to seek out additional financing options today than two years ago,1 Synchrony’s SetPay 4-installment payment offering gives customers the ability to make four equal, interest-free payments for purchases typically between $40 and $500 with the first payment due at checkout. The offer will be part of the Pay with Synchrony app available on the Clover App Market for participating merchants using any Clover device. This application will be the first time that a combined private label credit card and BNPL solution will be available for small merchants on the Clover platform.
Rad Air Complete Car Care & Tire Centers, an Ohio-based car and tire service franchise, is implementing SetPay to provide customers with an easy and flexible way to fund purchases with predictable, equal payments on a defined period of time. Rad Air has worked with Synchrony since 2014 as a member of the Synchrony Car Care™ network, which has helped them build customer loyalty and increase sales volume.
“We trust Synchrony to be with us every step of the way to deliver an innovative customer experience as consumer behaviors evolve,” said Bill Snow, vice president of Rad Air Franchise Systems. “It is a game-changer to be able to offer BNPL at the point of sale in our store. We now have everything we need on the Clover device to offer customers more financing and payment solutions adapted to their needs and the get back on the road quickly.”
“The next big opportunity in payments is the ability to offer a variety of products and solutions. SetPay pay in 4 on Clover builds on Synchrony’s growth strategy to expand our products to more customers through more distribution channels,” said Florin Arghirescu, SVP, Chief Product Manager, Synchrony. “Access to SetPay pay in 4 on the Clover App Market can help small businesses grow their customer base and provide the right financing solutions at the right time.”
“Small businesses operate in a competitive environment where their customers expect multiple payment options everywhere they shop,” said Dan Bjerke, Clover manager at Fiserv. “As consumer adoption of buy-it-now and pay-later continues to grow, it’s important that Clover can provide businesses with easy access to these flexible payment solutions, including offerings such as SetPay pay in 4 from Synchrony.”
Synchrony offers a wide range of revolving credit and installment loan options in a variety of channels, including SetPay pay in 4, SetPay monthly installment loans for up to 84 months, and a variety of equal payment solutions offered by the through revolving credit programs.