Retailers Meet Customer Demand to “Buy Now, Pay Later” with Installment Payment Option from Fiserv
September 09 2020 - 8:30AM
Business Wire
Fanatics will offer an installment payment
option through Fiserv and QuadPay
Retailers using digital commerce technology from Fiserv, Inc.
(NASDAQ: FISV), a leading global provider of payments and financial
services technology solutions, can now enable customers to pay for
their purchases with interest-free installment payments. For
retailers, installment payments can help reduce online shopping
cart abandonment and increase overall ticket size. For consumers,
particularly those without access to a credit card, a “Buy Now, Pay
Later” (BNPL) option can enable better budgeting for purchases.
Fanatics Customers Can “Buy Now, Pay Later” (BNPL) with
QuadPay
Fanatics, the global leader for licensed sports merchandise,
will enable customers to pay in installments through digital
commerce technology from Fiserv in relationship with QuadPay
(ASX:Z1P). Fanatics customers will be able to use installment
payments when shopping across the company’s owned roster of online
stores, including Fanatics.com, FansEdge.com, SportsMemorabilia.com
and international properties, or via the Fanatics mobile
application by choosing QuadPay as a payment option during
checkout.
“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,” said Chris Orton, Fanatics global
co-president of direct-to-consumer retail. “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.”
Fanatics customers paying with QuadPay will be able to split
payment into four interest-free installments spread over a six-week
period, giving them the flexibility to budget purchases.
“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%,” said Brad Lindenberg, co-CEO of QuadPay. “We are working with
Fiserv to enable a solution that brings value to both merchants and
consumers.”
Supporting Growing Demand to “Buy Now, Pay Later”
The availability of BNPL payment options is expanding across
retailers, and consumer adoption is increasing as awareness grows.
According to the April 2020 State of Alternative Payments
Acceptance in US Retail Report, from Forrester Research, 26% of
surveyed retailers are already offering installment payments. The
same report found that more than 40% of online consumers who are
aware of installment payments are currently using them to purchase
goods.
To meet growing demand for BNPL options, Fiserv is making
installment payments available through the commerce-enabling
solutions it provides to merchants.
“Fiserv is building differentiated payment experiences that are
designed to help our clients create more commerce,” said Mark
Hennin, senior vice president of Global Business Solutions Lending
at Fiserv. “The addition of an installment payment option allows
businesses like Fanatics to provide their customers with the
flexible purchasing capabilities consumers want.”
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and
information in a way that moves the world. As a global leader in
payments and financial technology, the company helps clients
achieve best-in-class results through a commitment to innovation
and excellence in areas including account processing and digital
banking solutions; card issuer processing and network services;
payments; e-commerce; merchant acquiring and processing; and the
Clover® cloud-based point-of-sale solution. Fiserv is a member of
the S&P 500® Index and the FORTUNE® 500, and is among FORTUNE
World’s Most Admired Companies®. Visit fiserv.com and follow on
social media for more information and the latest company news.
About Fanatics
As the global leader in licensed sports merchandise, Fanatics is
changing the way fans purchase their favorite team apparel and
jerseys through an innovative, tech-infused approach to making and
selling fan gear in today's on-demand culture. Operating
multi-channel commerce for the world's biggest sports brands,
Fanatics offers the largest collection of timeless and timely
merchandise whether shopping online, on your phone, in stores, in
stadiums, or on-site at the world's biggest sporting events.
About QuadPay
QuadPay (ASX:Z1P) is a leading US-based installments platform,
providing consumers with a simple, transparent, and financially
responsible alternative to traditional credit. QuadPay is
reinventing the payments landscape with its focus on innovation and
customer-centricity, enabling more than 2 million customers to pay
in 4 interest-free installments over 6 weeks. The company’s
market-leading app, which has been downloaded 1.6 million times,
enables seamless integration for merchants and the ability for
customers to shop online and in-store interest-free, not just with
QuadPay’s 4.7k integrated merchants but with leading global
retailers. For more information, visit: www.quadpay.com.
FISV-G
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version on businesswire.com: https://www.businesswire.com/news/home/20200909005415/en/
Media Relations: Chase Wallace Director, Communications
Fiserv, Inc. 404-890-2132 chase.wallace@fiserv.com Shira Schwartz QuadPay
shira.schwartz@quadpay.com Brandon
Williams Fanatics 646-787-2813 brawilliams@fanatics.com
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