PAY WITH SYNCHRONY APP LAUNCHES AS THE FIRST COMBINED PRIVATE LABEL AND BNPL FUNDING SOLUTION AVAILABLE THROUGH CLOVER® FOR SMALL BUSINESSES
With more than a third of buyers saying they are more likely to look for additional financing options now than they were two years ago,1 Synchrony’s SetPay 4-Payment offering offers customers the ability to make four equal, interest-free payments on purchases that typically fall in 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 shamrock 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 business owners through Clover.
Rad Air Complete car care and tire centersa 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. wheel air has been working with Synchrony since 2014 as a member of Synchrony Car Care™ Network that 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, Vice President of Rad Air Franchise Systems. “Being able to offer BNPL at the point of sale in our shop changes the rules of the game. 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 Officer, Sync. “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,” he said Dan Bjerke, Head of Clover by 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.
To learn more about Synchrony SetPay visit: https://www.synchronybusiness.com/setpay
Synchrony (NYSE: SYF) is a leading consumer financial services company offering one of the most comprehensive digitally enabled product suites in the industry. Our experience, expertise and scale span a wide range of industries including digital, health and wellness, retail, telecom, home, automotive, powersports, pets and more. We have an established and diverse group of national and regional retailers, local distributors, manufacturers, buying groups, industry associations and healthcare providers that we refer to as our “Partners”. We connect our partners and consumers through our dynamic finance ecosystem, offering them a diverse range of financing solutions and innovative digital capabilities to meet their specific needs and deliver seamless omnichannel experiences. We offer the right financing products to the right customers in the channel of their choice. For more information visit www.synchrony.com and Twitter: @Synchronization.
1 Synchrony Major Purchase Study, 2021
SOURCE Synchrony Financial