Earlier this year, Citizens Financial Group, Inc. expanded the reach of its point-of-sale offering for merchants with the introduction of Citizens Pay. Designed to allow consumers to finance large purchases in “pay-over-time” mode, Citizens Pay provides a virtual line of credit that can be used for repeat purchases.
Below Matt Norton, Citizens Pay senior vice president and head of business development, shares the value proposition offered by Citizens Pay, the services available to retailers that opt to provide it, and more.
RIS: What specific advantages does Citizens Pay offer to retailers that are not accessible using pay-over-time options available from other banks? In other words, what are the key differentiators?
Norton: Citizens Pay is a fintech within a national bank, delivering nimble technology for a frictionless customer experience, paired with the product depth and flexibility that can only be delivered by having your own balance sheet. We cover purchases of all sizes, with loan terms from three months to 60 months, with a line of credit that makes repeat purchases simple and easy. We also have unmatched omnichannel experience to provide a consistent financing experience to customers regardless of channel.