Fiserv introduces “Buy Now, Pay Later” installment payment option
By Pavithra R
Fiserv, a leading global provider of financial services technology solutions, has announced that retailers using its digital commerce technology can now enable customers to pay for their purchases with interest-free installment payments.
Online businesses are prone to shopping cart abandonment; installment payments can help retailers reduce this and increase overall ticket size. For consumers, particularly those who lack access to a credit card, a “Buy Now, Pay Later” (BNPL) option can enable better budgeting for purchases.
Fanatics, a global merchandise leader, is leveraging the installment payment option through Fiserv and QuadPay to empower customers to pay in installments. Customers can use installment payments when shopping across the company’s owned roster of online stores, including Fanatics.com, SportsMemorabilia.com, FansEdge.com, and international properties, or via the Fanatics mobile application by choosing QuadPay as a payment option during checkout. Customers paying with QuadPay can split the payment into 4 interest-free installments spread over 6 weeks, giving them the flexibility to budget purchases.
“Fanatics is taking steps to provide our customers with an omnichannel shopping experience that is consistent and seamless, whether sports fans are shopping online, on their phone, in stadiums, or at sporting events. By adding QuadPay to the payment options we enable through Fiserv, we are providing our customers with an added level of purchasing flexibility at a time when many consumers need it most,” said Chris Orton, Fanatics global co-president of direct-to-consumer retail.
“Within days of launching QuadPay, many merchants see a lift in conversion rates of up to 20% and average order values of up to 60%. We are working with Fiserv to enable a solution that brings value to both merchants and consumers,” said Brad Lindenberg, co-CEO of QuadPay.
“Fiserv is building differentiated payment experiences that are designed to help our clients create more commerce. The addition of an installment payment option allows businesses like Fanatics to provide their customers with the flexible purchasing capabilities consumers want,” said Mark Hennin, senior vice president of Global Business Solutions Lending at Fiserv.
Recently. Fiserv introduced AllData Connect for managing external account aggregation.
Established since 1984, Fiserv is a global provider of payment and financial services technology. The FinTech aspires to move money and information in a way that moves the world. The FinTech is a member of the S&P 500 Index and the FORTUNE 500 and is among FORTUNE World’s Most Admired Companies.
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