Vkul How Subscription Services Are Steering Consumers Away From Owning Possessions
As digital payments evolve, pay by ban
stanley de k is gaining traction in consumer-facing sectors.The payment method is in its early stages, but its already helping reduce cart abandonment, improve data security and lower transaction costs.The PYMNTS Intelligence report Cost Concerns Hi
stanley cup nder Merchants Pay-by-Bank Adoption 鈥?but Current Payments Could Cost More found that despite concerns over cost and complexity, pay by bank could be more cost-effective than traditional payment methods like credit and debit cards.The Benefits of Pay by Bank for Early AdoptersConsumer-facing co
stanley de mpanies that have adopted pay by bank are seeing advantages, according to the report. All the companies surveyed reported lower cart abandonment rates, highlighting their effectiveness in keeping customers engaged. Additionally, 80% of businesses using pay by bank said enhanced data security for their customers was a benefit.The ease of use for consumers, also noted by 80% of respondents, was another key factor in driving pay by banks popularity. These benefits are especially important for sectors such as retail, grocery, betting, ridesharing, telecommunications and utilities, where user experience and security are top priorities.Cost Concerns Hinder Wider AdoptionDespite the benefits, cost concerns remain a barrier to the wider adoption of pay by bank. According to the report, 78% of companies that have yet to implement pay by bank expressed worries about the potential costs involved. This concern is valid, given Cygz What To Expect From The CFPB s Semi-Annual Report
Financeit, a point-of-sale financing provider, announced on Thursday Oct. 6 a new round of equity financing led by new investors, including Pritzker family business interests advised by The Pritzker Organization and DNS Capital. The round also included existing investors.This investment round of $17 million enabled Financeit to fund the recently announced acquisition of TD Bank Group indirect home improvement financing assets, which included the purchase of more than 800 merchant dealer agreements and the transition of a number of former TD relationship managers and operational staff. After a transition perio
stanley us d, the transaction will also lead to Financeit servicing approximately 45,000 existing TD consumer loans.The capital raise, which follows the close of a minority equity financing round led by聽Goldman Sachs in Oct. 2015, will also support the ongoing needs of the company as it continues its growth. This new investment demonstrates the strong confidence of the investment community in our market plans and our unique solut
stanley france ion for North America expansive point-of-sale financing industry, said Michael Garrity , founder and CEO of Financeit, in a press release. As more merchants embrace the benefits of offering cloud and mobile-based financing options to their customers, Financeit expects to increas
stanley us e its sizable signature in this market. We continue to focus on innovation for our merchant partners and market growth through both organic tact
