Synchrony (NYSE: SYF), a leading consumer finance company, today announced that merchants can now offer a short-term, interest-free, installment payment option, Synchrony SetPay pay in 4, through the Clover point of sale and management system of Fiserv, Inc.
This “buy now, pay later” (BNPL) offer will further extend the reach of Synchrony’s innovative payment and financing options and allow select merchants using Clover to accelerate growth while providing consumers with more choice and flexibility – especially at the point of sale.”
With more than a third of shoppers saying they are more likely to be looking for additional financing options now than they were two years ago,1 SetPay’s SetPay Pay in 4 Installments offer typically gives customers the option to make four equal, interest-free payments payable for purchases 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 app will be the first time a combined private label credit card and BNPL solution is available to small merchants on the Clover platform.
Rad Air Complete Car Care & Tire Centers, an Ohio-based auto and tire service franchise, implements SetPay to offer customers a simple and flexible way to fund purchases with predictable, equal payments over a set 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 a loyal customer base and increase sales volume.
“We trust Synchrony to work with us every step of the way to deliver an innovative customer experience as consumer behavior evolves,” said Bill Snow, VP of Rad Air Franchise Systems. “It’s a game changer to be able to offer BNPL at the point of sale in our shop. We now have everything we need on the Clover device to offer customers more financing and payment solutions that meet their needs and get them back on the road quickly. “
“The next major 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 of expanding our products to more customers through more distribution channels,” said Florin Arghirescu, SVP, Chief Product Representative, Synchrony. “Access to SetPay pay in 4 in the Clover App Market can help small businesses grow their customer base and offer the right financing solutions at the right time.”
“Small businesses operate in a highly competitive environment where their customers expect to have multiple payment options wherever they shop,” said Dan Bjerke, head of Clover at Fiserv. “As consumer adoption of ‘buy now, pay later’ continues to grow, it’s important that Clover can offer businesses simplified access to these flexible payment solutions, including offerings like Synchrony’s SetPay Pay in 4.”
Synchrony offers a wide range of revolving credit and installment loan options in a variety of channels, including SetPay Pay in 4, monthly SetPay installment loans for up to 84 months, and a variety of equal payment solutions offered through revolving credit programs.