Synchrony has expanded its partnership with financial services provider Fiserv with a new agreement that allows small businesses to access Synchrony products and services and accept credit card payments through Fiserv’s Clover.
The two companies announced the partnership on Thursday (October 14), noting that this is the first time that private label credit cards will be accepted on the Clover point of sale platform.
“As small businesses – from auto repair to retail to business services – look for solutions to grow, this partnership will help them quickly and easily access payment and financing options, which will translate into a simpler and more transparent customer experience, ”the companies said in a statement. Release.
In addition, Synchrony customers will be able to access the company’s products, including revolving credit and short- and long-term installment loans, while the two companies will seek new ways to sell Synchrony products to merchants using already Clover.
“This strategic partnership deepens Synchrony’s partner ecosystem and strengthens our growth strategy to expand and accelerate innovative product offerings through additional distribution channels,” said Michael Bopp, Executive Vice President and Chief Growth Officer of Synchrony. “It builds on our momentum to get our products to merchants faster and builds on Synchrony’s leadership in financing, digital capabilities and data analytics.
The expanded partnership will see Synchrony join the Clover App Market, allowing merchants that accept private label cards issued by Synchrony to accept payments through Clover. These merchants will be able to offer customers the option of requesting financing through Synchrony from their phone.
Read more: Investor sees $ 185 billion clover by 2024
According to the companies, more than $ 180 billion in annualized payment volume is processed by Clover each year.
As PYMNTS reported in August, activist investor ValueAct Capital Management, which owns a stake in Fiserv, argued that Clover could be worth $ 185 billion by 2024.
“At this point in the cycle, we believe there is more money to be made by investing behind incumbents that transform than there is betting on disruptors. Fiserv ticks all of our boxes as candidate for digital transformation, ”ValueAct said in an investor presentation.