Synchrony announced that merchants will now be able to offer a short-term, no-interest installment option, Synchrony “SetPay in 4,” via the Clover point-of-sale and business management system from Fiserv, Inc. This buy now, pay later (BNPL) offering will further expand the reach of Synchrony’s payments and financing options and enable select merchants that use Clover to accelerate growth while providing more choice and flexibility for consumers – especially at the point of sale, the company says.
Synchrony’s SetPay 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 offering 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 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.
Rad Air Complete Car Care & Tire Centers, an Ohio-based car and tire servicing franchise, is implementing SetPay to offer customers a simple and flexible way to finance purchases with predictable, equal payments over a set period of time. Synchrony says Rad Air has worked with the company since 2014 as a member of the Synchrony Car Care network, which has helped them build a loyal customer following 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 solutions offered through revolving credit programs, the company says.