JPMorgan Chase Enters A Hot Fintech Space: Point-Of-Sale (POS) Financing

Originally Published in Forbes//  

Consumer Demand For POS Financing is Growing

POS financing certainly isn’t new. In 2016, merchants in nine different retail categories saw more than 160 million POS loan applications—only 53% of which were approved, however. According to The Economist:

Driven, in part, by younger consumers, point-of-sale loans are becoming increasingly popular in America. Consumers who might previously have financed purchases such as furniture, electronics or home-improvement projects with a credit card are now opting to borrow at the checkout.”

Fintech Startups Are Transforming the POS Financing Space

New players have entered the POS financing market in recent years bringing not just digital capabilities to the table but new business models—platforms—to introduce efficiencies and opportunities to the market:

  • Vyze. Vyze is a cloud-based marketplace of lenders that customizes loan offerings to merchants’ customers. There is a single common application for all lenders, enabling Vyze to provide merchants with a single point of contact regardless of how many banks the merchant works with. In addition, the firm’s cloud-based portal enables it to avoid integrating into merchants’ point-of-sale systems.

Read the full story.

by Veronika Clough

The smartest retailers are choosing Vyze. Find out why.

Request a Demo Chat with us