Synchrony announced that merchants will now be able to offer a short-term, interest-free installment option, Synchrony “SetPay in 4”, through the Clover POS and Fiserv, Inc.’s business management system. This Buy Now, Pay Later (BNPL) will further expand the reach of Synchrony’s payment and financing options and allow select merchants using Clover to accelerate their growth while providing more choice and flexibility to consumers, especially at the point of sale, according to the company.
SetPay by Synchrony allows customers to pay in four equal, interest-free installments for purchases typically 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 for participating merchants using any Clover device, the company says. This application will be the first time that a combined private label credit card and BNPL solution will be available for small merchants on the Clover platform.
Rad Air Complete Car Care & Tire Centers, an Ohio-based car and tire service franchise, is implementing SetPay to provide customers with an easy and flexible way to fund purchases with predictable, equal payments on a defined period of time. According to Synchrony, Rad Air has worked with the company since 2014 as a member of the Synchrony Car Care network, which has helped them build customer loyalty and increase sales volume.
Synchrony says it offers a suite of revolving credit and installment loan options in a variety of channels, including “SetPay in 4”, SetPay monthly installment loans for up to 84 months, and a variety of equal payment offered through revolving credit programs, the company said.