Synchrony, Fiserv Team to Offer BNPL

Consumer financing company Synchrony has launched Synchrony SetPay pay in 4, an installment payment option for merchants, according to a Thursday (July 14) press release.

The buy now, pay later (BNPL) service is offered via the Clover point-of-sale (POS) and business management system from Fiserv and is designed to offer consumers more choice and flexibility, the release stated.

The tool lets consumers make four equal, interest-free payments for purchases typically between $40 and $500, with the initial payment due at checkout, according to the release.

Synchrony said in the release the offering is part of its Pay with Synchrony app, which is itself available on the Clover App Market for participating merchants using any Clover device. This marks the first time that a combined private-label credit card and a BNPL solution will be available to small businesses through Clover.

“Small businesses operate in a competitive environment in which their customers expect to have multiple payment options anywhere they shop,” said Dan Bjerke, head of Clover from Fiserv, in the release. “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.”

The company noted in the release that it is launching the program amid a rising interest in alternative payment methods.

Last month, PYMNTS found BNPL had become a cornerstone of the American retail world, with 43% of U.S. consumers reporting having used the method, compared to 31% last year.

Read more: BNPL Options Among Generations and Income Groups

This method is especially enticing for consumers with less money in the bank, with many saying they prefer BNPL to credit cards in cases where they can’t afford to pay for a purchase in full with the money they have on hand.

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