In a new partnership with Visa, technology platform ChargeAfter becomes the first fintech to offer Visa installment point-of-sale payments in the US which should be welcome news for both struggling merchants and hard-pressed consumers.
With the launch of Visa’s installment solutions on the ChargeAfter platform, participating US merchants can now offer their customers an installment payment option at checkout using a Visa card they already have in their wallet. Eligible Visa cardholders can choose to divide their total purchase amount into smaller, equal payments over a defined time period following a quick approval process.
“As COVID-19 continues to change retail as we know it and drive more shopping online, merchants are adapting to the new realities of online payments; offering alternative payment methods for consumers who are expecting affordable financing options to help them complete their purchases now and pay later,” said Meidad Sharon, CEO of ChargeAfter.
ChargeAfter uses its data-driven decision engine to provide consumers with payment options at point-of-sale from multi-lenders resulting in up to 85% approval of credit applications instantly. The payments system is easily implemented by retailers in-store and online and with the economic impact of COVID-19, point-of-sale installment payments are growing in popularity.
“Our collaboration with Visa is a giant leap forward in bringing quick, convenient, accessible, and safe payments to consumers when and where they are ready to purchase – online or in-store. By combining ChargeAfter’s financing platform with Visa’s solutions, we have created a powerful network for multi-lender point-of-sale financing,” Sharon added.
Point-of-sale payments interest growing by merchants and shoppers
New York’s well-known 42nd Street Photo superstore and online automotive supplier Tire Agent are already offering Visa’s installments solutions to their eligible US customers.
The strategic partnership also allows ChargeAfter to integrate Visa’s Cybersource payment management platform to its own multi-lender POS payments platform and merchant services. Visa’s Cybersource payment management platform is now available in 190 countries around the world.
“We’re delighted to continue our collaboration with ChargeAfter and bring innovative solutions to our clients globally to help them meet an increased consumer demand for simple and flexible payment options,” said Shahar Friedman, Head of Visa Innovation Studio in Tel Aviv. “Through our global collaboration efforts, we aim to make it easier for merchants and acquirers to use Visa’s Cybersource and installment solutions to offer a range of personalized financing options to their consumers at the point of sale, empowering their customers to manage their payments in a way that works best for their unique needs.”
The partnership follows an investment in ChargeAfter by Visa in February 2020 along with several other new product collaborations. Other investors include PICO Venture Partners, Propel Venture Partners, MUFG, BBVA, Synchrony Financial, and Plug and Play VC. Headquartered in Sunnyvale, CA, ChargeAfter also has offices in Dallas, New York, and Tel Aviv.
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