Citizens Financial Group has branded its point of sale lending software as Citizens Pay, saying it wants to more clearly define it as a merchant tool for "budget-friendly payment options" for customers who want a transparent and predictable way to finance purchases.
"Citizens Pay helps merchants boost sales and increase consumer loyalty by enabling their customers to make repeat purchases and upgrades in a financially responsible way," Andrew Rostami, president of Citizens Pay, said in a Monday press release.
The Citizens Pay lending option provides consumers with fixed monthly payments through a virtual line of credit that can be used for repeat purchases without a new credit application or managing multiple loans. The offering previously did not have its own brand name.
It competes with a growing range of point of sale installment payment options from
Merchants are able to launch Citizens Pay in a matter of days, and the offering is scalable for the largest and most complex merchants, Citizens stated.
Citizens Pay also offers the ability for manufacturers to embed financing into their products as a product-as-a-service software offered through multiple retailers. That capability was initially launched through Citizens with partner Microsoft for the sale of Xbox All Access and sold through Target, Best Buy, Walmart and GameStop.
Citizens, of Providence, R.I., says it is focused on bringing Citizens Pay into other verticals, such as health and fitness businesses, home improvement sectors and educational products and services.
“The point of sale lending space is a high-growth area and attracts customers that exhibit strong credit performance,” Rostami added. “We have invested consistently over time to deliver a state-of-the- art payment model and look forward to further accelerating its adoption with Citizens Pay.”
Since the inception of its lending program, Citizens says it has originated more than $6.4 billion in loans and served more than 5 million accounts.
