Fiserv, a leading international provider of payments and financial services technology solutions, announced yesterday that it is planning to simplify the enablement of Buy Now Pay Later (BNPL) for businesses of all sizes.
The fintech company has formed a collaboration with Nasdaq-listed Affirm, which will be the first BNPL option fully integrated into the Carat operating system. The popularity of BNPL solutions has increased significantly in the last few years.
Fiserv noted that the company’s support to businesses will help them enable flexible payment options. Additionally, the payments firm is planning to address the complexities in BNPL processes.
“Businesses want to meet consumer demand for buy now, pay later options, and we’re seeing increased interest from larger businesses that want to offer multiple BNPL options and from small and mid-size businesses that have not previously been able to offer these services,” said Mark Hennin, the Senior Vice President and Head of Value Added Services at Fiserv. “By enabling our clients to easily connect to the BNPL providers of their choice, we will make it possible for them to offer their customers in-demand payment options in an easy to manage cost-effective way.”
April remained a busy month for Fiserv as the company completed the acquisition of Finxact. Moreover, it announced the launch of AppMarket.
Affirm
Geoff Kott, the Chief Revenue Officer at Affirm, said that it is important for merchants to offer technology-driven solutions to facilitate end-users.
“Roughly half of U.S. consumers, and three-fourths of millennials, will not complete a purchase if a retailer does not offer pay-over-time at checkout, according to a recent Affirm survey. By partnering with Fiserv, we look forward to enabling more merchants to seamlessly offer Affirm at checkout. In doing so, merchants will be able to reach new customers and increase sales, while responsibly expanding consumers’ purchasing power through the flexibility and control our solutions offer,” Kott explained.
