10/14/2021 | Press release | Distributed by Public on 10/14/2021 06:12
STAMFORD, Conn. and BROOKFIELD, Wis., October 14, 2021 - Synchrony (NYSE: SYF), a leading consumer financing company, today announced an expanded strategic partnership with Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions. Small businesses will now be able to access Synchrony products and services and accept private label credit card payments via the Clover® point-of-sale and business management platform from Fiserv, accelerating growth for small businesses and offering more flexibility and choice in how consumers make purchases. The availability of Synchrony's capabilities and products via the Clover App Market will help Synchrony's merchants attract more customers and drive more revenue through a broad suite of financing products.
As small businesses -- from automotive repair to retail to business services -- seek solutions to grow, this partnership will help them quickly and easily access payment and financing options, resulting in a simpler and more seamless customer experience. Synchrony will seek to expand its reach to the robust portfolio of Clover merchants by being the first company to enable Clover merchants to accept private label card payments via Clover. Synchrony clients will also be able to access the broad suite of Synchrony's products such as revolving credit and short-term and long-term installment loans. The partnership of Synchrony and Fiserv will explore additional opportunities to cross-sell Synchrony products to existing Clover merchants.
"This strategic partnership deepens Synchrony's partner ecosystem and reinforces our growth strategy to expand and accelerate innovative product offerings through additional distribution channels," said Michael Bopp, EVP and Chief Growth Officer, Synchrony. "It builds on our momentum to bring our products to merchants faster and leverages Synchrony's leadership in financing, digital capabilities, and data and analytics. Fiserv is a long-term strategic Synchrony partner, and we're excited to leverage the point-of-sale innovations driven by Clover to continue to transform the way people purchase while helping merchants grow."
"Fiserv is committed to making it easier for small businesses to accept a broadi range of payment methods, and to helping small business owners manage their business. Our partnership with Synchrony furthers that commitment by enabling merchants to accept private label card payments via Clover, streamlining the payment process and improving the customer experience," said Devin McGranahan, Head of Global Business Solutions at Fiserv.
Companies like Express Oil Change & Tire Engineers plan to use a combination of Synchrony and the Clover platform to serve the customers they already have as well as attract new ones.
The expanded strategic partnership between Synchrony and Fiserv involving the Clover platform will initially focus on:
Synchrony Availability in CloverApp Market: Synchrony will join the Clover App Market, one of the largest POS app markets currently available. With the app, merchants that accept private label cards issued by Synchrony can accept payments made with those cards via Clover, and offer consumers the ability to apply for a variety of Synchrony financing options -- from revolving credit to short-term and long-term installment loans -- on their phone. Merchants will also be able to view account information and easily process transactions. Merchants using any Clover device will be able to download the Synchrony app in the Clover App Market.
Industry-Specific Insights: Synchrony will also look to help merchants gain further access to a broad range of expertise, insights, and tools regarding credit and other non-credit business information delivered through webinars, one-on-one engagements, consulting projects, multi-client and cross-industry events, and an online portal.
Clover is a complete business-management platform enabling businesses to maximize their operating efficiencies and grow, while allowing customers to pay using a debit or credit card or via mobile payment options such as Apple Pay®, Samsung Pay®, and Google Pay®. Largely due to its popularity as a point-of-sale platform for merchants, more than $180 billion in annualized payment volume is processed by Clover.
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.
Synchrony (NYSE: SYF) is a premier consumer financial services company. We deliver a wide range of specialized financing programs, as well as innovative consumer banking products, across key industries including digital, retail, home, auto, travel, health, and pet. Synchrony enables our partners to grow sales and loyalty with consumers. We are one of the largest issuers of private label credit cards in the United States; we also offer co-branded products, installment loans and consumer financing products for small- and medium-sized businesses, as well as healthcare providers.
Synchrony is changing what's possible through our digital capabilities, deep industry expertise, actionable data insights, frictionless customer experience and customized financing solutions.
For more information, visit www.synchrony.com and Twitter: @Synchrony.
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