Synchrony and Clover Offer Buy Now, Pay Later Option
Merchants can offer a short-term, no interest installment option, Synchrony SetPay pay in 4, via the Clover point-of-sale and business management system from Fiserv Inc.
Synchrony says the buy now, pay later option will give merchants using Clover a path to growth while providing a flexible option for consumers at the point of sale.
Synchrony says its 2021 Major Purchase Study shows one-third of shoppers indicate they're more likely to seek additional financing options now compared to two years ago. The SetPay in four allows consumer sto make four equal, interest-free payments for purchases typically between $40 and $500. The first payment is due at checkout.
The option will be part of the Pay with Synchrony app available on the Clover App Market for participating merchants using any Clover device.
Rad Air Complete Car Care & Tire Centers in Ohio is implementing SetPay. Rad Air has worked with Synchrony since 2014.
“We trust Synchrony to partner with us every step of the way to offer an innovative customer experience as consumer behaviors evolve,” says Bill Snow, vice president of Rad Air Franchise Systems. “It’s a game changer to be able to offer (buy now, pay later) at 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 fit their needs and get them back on the road quickly.”
Florin Arghirescu, senior vice president and chief product officer for Synchrony, says, “The next important opportunity in payments is the ability to offer choice of diverse products and solutions. SetPay pay in 4 on Clover builds on Synchrony’s growth strategy to extend our products to more customers through more distribution channels. Accessing 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 competitive environment in which their customers expect to have multiple payment options anywhere they shop,” says Dan Bjerke, head of Clover from Fiserv. “As consumer adoption of buy-now-pay-later continues to grow, it’s important that Clover can provide businesses with simplified access to these flexible payments solutions, including offerings like Synchrony’s SetPay pay in 4.”