Synchrony has expanded its partnership with the financial services provider Fiserv with a new arrangement that lets small businesses access Synchrony’s products and services and accept credit card payments via Fiserv’s Clover.
The two companies announced the partnership on Thursday (Oct. 14), noting that it’s the first time private-label credit cards will be accepted on the point-of-sale platform Clover.
“As small businesses — from automotive repair to retail to business services — seek solutions to grow, this partnership will help them quickly and easily access payment and financing options, resulting in a simpler and more seamless customer experience,” the companies said in a news release.
In addition, Synchrony clients will be able to access the company’s products, including revolving credit and short-term and long-term installment loans, while the two companies will look for new ways to cross-sell Synchrony’s products to merchants already using Clover.
“This strategic partnership deepens Synchrony’s partner ecosystem and reinforces our growth strategy to expand and accelerate innovative product offerings through additional distribution channels,” said Michael Bopp, EVP and chief growth officer, Synchrony. “It builds on our momentum to bring our products to merchants faster and leverages Synchrony’s leadership in financing, digital capabilities and data analytics.”
The expanded partnership will see Synchrony join the Clover App Market, allowing merchants who accept private-label cards issued by Synchrony to accept payments via Clover. Those merchants will be able to offer customers the ability to apply for financing through Synchrony from their phones.
Read more: Investor Sees Clover Worth $185B by 2024
According to the companies, more than $180 billion in annualized payment volume is processed through Clover each year.
As PYMNTS reported in August, the activist investor ValueAct Capital Management, which owns a stake in Fiserv, has argued that Clover could be worth $185 billion by 2024.
“At this point in the cycle, we believe there is more money to be made investing behind incumbents transforming themselves than there is betting on disruptors. Fiserv checks all our boxes as a digital transformation candidate,” ValueAct said in an investor presentation.
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