Buy Now-Pay Later (BNPL) has reached escape velocity for both merchants and consumers alike. Now Citizens Bank has grown its POS lending platform for retailers and rebranded it as Citizens Pay.
Merchants are looking for more consumer credit options to offer to customers buying higher ticket items like electronics or bedding. Citizens Pay is aiming to reach additional retail verticals including health/fitness and home improvements.
BNPL has spawned a crowded field of competitors. Lenders with wide breadth across retail markets will capitalize on the current demand for this product, especially as another federal stimulus program appears to be approaching.
The following excerpt from a Finextra article reports more on the topic:
Citizens today announced that it has further expanded the reach of its national point-of-sale offering for merchants, which it has renamed Citizens Pay to reflect its proven and straightforward approach to providing businesses with budget-friendly payment options for customers who want a more transparent and predictable way to finance purchases.
“Our platform has demonstrated the ability to drive impressive sales growth with a best-in-class customer experience,” said Andrew Rostami, president of Citizens Pay. “Citizens Pay helps merchants boost sales and increase consumer loyalty by enabling their customers to make repeat purchases and upgrades in a financially responsible way.”
Citizens Pay provides consumers a better way to finance their large purchases, with easy-to-understand, low fixed monthly payments through a virtual line of credit that can be used for repeat purchases without a new credit application or managing multiple loans. Retailers can benefit from immediate sales and average order value increases by taking advantage of the platform’s best-in-class digital and in-store customer experiences, combined with comprehensive product and financing options for consumers across the credit spectrum. Citizens Pay is easy for merchants to integrate and available to launch in a matter of days while being scalable for the largest and most complex merchants.
Overview by Raymond Pucci, Director, Merchant Services at Mercator Advisory Group