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 broad 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.