STAMFORD, CT — Synchrony, a consumer financing company, is offering 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.
The "buy now, pay later" (BNPL) option will enable select retailers that use Clover to provide more choices and flexibility for consumers, especially at the point of sale, the company said.
Synchrony said more than one-third of shoppers said they are more likely to seek additional financing options now versus two years ago.
Synchrony's SetPay pay in 4 installments offering provides customers with the ability to make four equal, interest-free payments for purchases typically between $40 and $500 with the first payment due at checkout.
The offering 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 that a combined private label credit card and a BNPL solution will be available to small merchants on the Clover platform, Synchrony said.
Rad Air Complete Car Care & Tire Centers, a Parma Heights, Ohio,-based car and tire servicing franchise, is implementing SetPay to offer its customers, Synchrony said.
Rad Air has worked with Synchrony since 2014 as a member of the Synchrony Car Care network.
"We trust Synchrony to partner with us every step of the way to offer an innovative customer experience as consumer behaviors evolve," Bill Snow, vice president of Rad Air Franchise Systems, said in a statement. "It's a game-changer to be able to offer BNPL 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."
"Small businesses operate in a competitive environment in which their customers expect to have multiple payment options anywhere they shop," Dan Bjerke, head of Clover from Fiserv, said. "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."
Synchrony offers a suite of revolving credit and installment loan options in a variety of channels, including SetPay monthly installment loans for up to 84 months, and a variety of equal payment solutions offered through revolving credit programs.