Usio announces Point-of-Sale Credit Solution for businesses
By Edlyn Cardoza
Usio, Inc., a FinTech integrated payment solutions provider, announced implementing its new Point-of-Sale Credit solution, enabling businesses to offer instant credit to their customers without absorbing any of the risks of consumer lending.
“Point-of-sale consumer lending is growing faster than any other unsecured lending, growing from $92 billion in outstanding loan balances in 2019 to a predicted $182 billion in 2023, according to The Ascent,” said Louis Hoch, President and CEO of Usio. “Our new Point-of-Sale Lending solution enables businesses to quickly and easily offer instant POS credit to their customers, without the challenge of integration or credit concerns. Any business that deals directly with customers over relatively larger-priced purchases can use this instant credit as a way to potentially win more business at the point of sale.”
According to The Ascent, the percentage of people who have used a buy now pay later service grew 62% across all age groups between July 2020 and March 2021, except for those over the age of 54, which saw a 98% increase in usage.
No integration is required with Usio’s Point-of-Sale Lending solution. Businesses receive payment faster, with funds deposited the next day. Point-of-Sale Lending improves customer satisfaction and loyalty and gives organisations a competitive edge by offering customers flexible payment options over various periods of time. Most importantly, businesses receive all the advantages of providing an instant lending solution to their customers without absorbing any risks.
Consumers have the option of a no-interest buy now pay later installment loan of 6 weeks or less or longer durations with interest rates that are aggressively priced with competitive market rates. Revenue recognition at the merchant level will occur at the time of the sale, while funds (net of any potential associated expenses) will settle the next day.
Recently, IBS Intelligence reported that Usio, Inc., announced the addition of several more municipally managed guaranteed income programs, including New York, Chicago, Denver, and Arlington, to the growing list of plan sponsors that have chosen the Company’s proprietary prepaid card solution for funds disbursement.
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