Synchrony announced that merchants can now offer a short-term, interest-free installment option, Synchrony “SetPay in 4,” through Fiserv, Inc.’s Clover point-of-sale and business management system. Buy now, pay later (BNPL) offering will continue to expand the reach of Synchrony’s payment and financing options, allowing select merchants using Clover to accelerate growth while providing more choice and flexibility for consumers – especially on Point of sale, according to the company.
Synchrony’s SetPay allows customers to pay for purchases typically between $40 and $500 in four equal, interest-free installments, with the first payment being taken at checkout. The offer will be part of the Pay with Synchrony app, available in the Clover app for participating merchants using any Clover device, the company said. This app will be the first time a combined private label credit card and BNPL solution is available to small merchants on the Clover platform.
Rad Air Complete Car Care & Tire Centers, an 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. According to Synchrony, Rad Air has been working with the company since 2014 as a member of the Synchrony Car Care network, which has helped them build a loyal customer base and increase sales volume.
Synchrony says it offers a range 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 solutions offered through revolving credit programs, according to the company.