Retailers Respond to Customer Demand to ‘Buy Now, Pay Later’ with Fiserv’s Installment Payment Option


Fanatics will offer installment payment option via Fiserv and QuadPay

Retailers using digital commerce technology from Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payment technology and financial services solutions, can now allow customers to pay for their purchases with interest-free installments. For retailers, installment payments can help reduce online shopping cart abandonment and increase overall ticket size. For consumers, especially those without access to a credit card, a “Buy Now, Pay Later” (BNPL) option can allow better budgeting for purchases.

Fanatic customers can ‘buy now, pay later’ (BNPL) with QuadPay

Fanatics, the world leader in licensed sporting goods, will allow customers to pay in installments through Fiserv’s digital commerce technology in connection with QuadPay (ASX: Z1P). Fanatics customers will be able to use installment payments when shopping at the company’s list of online stores, including Fanatics.com, FansEdge.com, SportsMemorabilia.com and international properties, or through the mobile app. Fanatics by choosing QuadPay as the payment option during checkout.

“Fanatics is taking steps to provide customers with a consistent and seamless omnichannel shopping experience, whether sports fans buy online, on their phones, in stadiums or at sporting events,” said Chris Orton, co -World President of Fanatics. direct-to-consumer retail sale. “By adding QuadPay to the payment options we enable through Fiserv, we are giving our customers an additional level of purchasing flexibility at a time when many consumers need it most.”

Fanatical customers paying with QuadPay will be able to split the payment into four interest-free installments spread over a six-week period, giving them the flexibility to budget their purchases.

“Within days of the launch of QuadPay, many merchants are seeing conversion rates increase up to 20% and average order values ​​up to 60%,” said Brad Lindenberg, co-CEO of QuadPay. “We are working with Fiserv to deliver a solution that brings value to both merchants and consumers. “

Support the growing demand for “Buy now, pay later”

The availability of BNPL payment options is spreading among retailers, and consumer adoption is increasing as awareness grows. According to the month of April 2020 Alternative Payment Acceptance Status in US Retail Report, from Forrester Research, 26% of retailers surveyed already offer installment payments. The same report found that over 40% of online consumers who are familiar with installment payments are currently using them to purchase goods.

To meet the growing demand for BNPL options, Fiserv offers installment payments through the commerce solutions it offers to merchants.

“Fiserv is building differentiated payment experiences designed to help our customers create more commerce,” said Mark Hennin, senior vice president of Global Business Solutions Lending at Fiserv. “The addition of an installment payment option enables companies like Fanatics to provide their customers with the flexible purchasing capabilities that consumers desire.”

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 fintech, the company helps its clients achieve the best results through a commitment to innovation and excellence in areas such as account processing and digital banking solutions; card issuers processing and network services; Payments; e-commerce; merchant acquisition and processing; and the clover® cloud-based point of sale solution. Fiserv is a member of the S&P 500® Index and FORTUNE® 500, and is one of FORTUNE’s World’s Most Admired Companies®. Visit fiserv.com and follow on social networks for more information and the latest company news.

About the fanatics

As the global leader in licensed sporting goods, Fanatics is changing the way fans shop for their favorite team apparel and jerseys with an innovative and technological approach to manufacturing and selling fan gear in culture. at today’s request. Operating a multi-channel commerce for the world’s leading sports brands, Fanatics offers the largest collection of timeless and timely merchandise, whether it’s for shopping online, on your phone, in stores, in stadiums or on location. during the biggest sporting events in the world.

About QuadPay

QuadPay (ASX: Z1P) is a leading US-based payment platform, providing consumers with a simple, transparent, and financially responsible alternative to traditional credit. QuadPay is reinventing the payments landscape with a focus on innovation and customer focus, enabling over 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 make interest-free online and in-store purchases, not only with the 4.7,000 integrated merchants of QuadPay, but also with the main global retailers. For more information visit: www.quadpay.com.

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View the source version on businesswire.com: https://www.businesswire.com/news/home/20200909005415/en/

Contacts

Media Relations:
Chase wallace
Director, Communications
Fiserv, Inc.
404-890-2132
[email protected]

Shira schwartz
QuadPay
[email protected]

Brandon williams
Fanatics
646-787-2813
[email protected]

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