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October 14, 2021Blog Posts

Synchrony moves into BNPL space with Fiserv Clover

Finextra

Synchrony, a leading consumer financing company, announced an expanded strategic partnership with Fiserv, Inc., a leading global provider of payments and financial services technology solutions.

Small businesses will now be able to access Synchrony products and services and accept private label credit card payments via the Clover® point-of-sale and business management platform from Fiserv, accelerating growth for small businesses and offering more flexibility and choice in how consumers make purchases. The availability of Synchrony’s capabilities and products via the Clover App Market will help Synchrony’s merchants attract more customers and drive more revenue through a broad suite of financing products.

As small businesses — from automotive repair to retail to business services — seek solutions to grow, this partnership will help them quickly and easily access payment and financing options, resulting in a simpler and more seamless customer experience. Synchrony will seek to expand its reach to the robust portfolio of Clover merchants by being the first company to enable Clover merchants to accept private label card payments via Clover. Synchrony clients will also be able to access the broad suite of Synchrony’s products such as revolving credit and short-term and long-term installment loans. The partnership of Synchrony and Fiserv will explore additional opportunities to cross-sell Synchrony products to existing Clover merchants.

Source

New research from The Strawhecker Group analyzes key trends and consumer attitudes.

Download a free infographic covering several findings from the full report.

Consumers have increasingly adopted Buy Now, Pay Later (BNPL) services for multiple reasons; a desire for financial flexibility, a way to avoid incurring credit card debt, or to purchase items outside of their budgets. However, despite its popularity, consumer debt and missed payments have led to calls for additional research and regulation. Read the press release.

To take a closer look, The Strawhecker Group (TSG) conducted a survey of over 1,500 U.S. consumers in early 2021 with the goal of understanding domestic attitudes and perspectives on the use of BNPL services. The complete findings, a selection of BNPL provider profiles, and market landscape details can be found in the firm’s new report Buy Now, Pay Later: An Analysis of Key Trends and Consumer Attitudes.

Highlights of this extensive 81-page report include:

  • Buy Now, Pay Later Background
  • Key Players in the Buy Now, Pay Later Space
  • Buy Now, Pay Later Consumer Survey
  • Concluding Thoughts: The Future of Buy Now, Pay Later
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