American Express, GreenSky partner to improve POS financing

American Express has partnered with POS payment and financing processor GreenSky to power frictionless payments.

The strategic alliance will enable US merchants within the American Express network to offer customers GreenSky’s POS financing service. This solution will give consumers the ability to access credit lines at the point of purchase, and make monthly digital repayments. GreenSky’s services are used by merchants within the home improvement and elective healthcare space.

In turn, GreenSky will gain access to American Express’ vPayment service, a virtual payment solution, to help facilitate transactions through virtual account numbers that are delivered to approved customers.

Alongside the new POS financing offering, the companies are planning to pilot a digital direct loan option. Through a new platform select American Express consumer card members will be able to search for participating merchants within GreenSky’s network. Once found, the user can finance a purchase through a separate merchant which is either in or outside GreenSky’s merchant network.

This service would initially be launched for the home improvement merchant space, within five US cities.

American Express chairman and CEO Stephen Squeri said, “American Express is committed to backing businesses and their customers. Our partnership with GreenSky, a fast-growing and innovative FinTech company, will grant more merchants access to leading payment technology and financing solutions to enhance their customer experience and close more sales.”

GreenSky is a POS payment solution which helps more than 12,000 merchants accept payments. The solution works with banks to provide consumers credit lines at the POS, having helped 1.7 million customers gain a total of $12bn in financing for transactions.

Copyright © 2018 FinTech Global

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