Business
Usio Announces Unique Point-of-Sale Credit Solution for Businesses, Implemented Without Any Lending Risk for Usio
Studies show instant credit at point-of-sale and buy-now-pay-later is preferred by consumers over the use of credit cards SAN ANTONIO--(BUSINESS WIRE)--
About this update from Usio, Inc.
[{"type":"text","content":"\nStudies show instant credit at point-of-sale and buy-now-pay-later is preferred by consumers over the use of credit cards\n\n SAN ANTONIO--(BUSINESS WIRE)--\nUsio, Inc: (Nasdaq:USIO), a leading FinTech integrated payment solutions provider, today announced implementing its new Point-of-Sale Credit solution, enabling businesses to offer instant credit to their customers without absorbing any of the risks of consumer lending.\n\n“Point-of-sale consumer lending is growing faster than any other unsecured lending, growing from $92 billion in outstanding loan balances in 2019 to a predicted $182 billion in 2023, according to The Ascent,” said Louis Hoch, President and CEO of Usio. “Our new Point-of-Sale Lending solution enables businesses to quickly and easily offer instant POS credit to their customers, without the challenge of integration or credit concerns. Any business that deals directly with customers over relatively larger-priced purchases can use this instant credit as a way to potentially win more business at the point of sale.”\n\nAccording to The Ascent, the percentage of people who have used a buy now pay later service grew 62% across all age groups between July 2020 and March 2021, with the exception of those over the age of 54, which saw a 98% increase in usage.\n\nBuy now pay later is preferred by consumers over the use of credit cards, according to the Bread Research Report on Payment Preferences, published in October 2019. For example, 53% of people would prefer to make a $200 purchase in four equal interest-free payments, avoiding the high interest that would be incurred on a credit card during that period. Monthly installments come to the forefront with larger purchase amounts, where 49% would prefer to make monthly installment payments on a $1,000 purchase and a full 69% would prefer monthly payments for a $5,000 purchase. Only 14 to 15% would prefer to use a credit card for such larger purchases.\n\nNo integration is required with Usio’s Point-of-Sale Lending solution. Businesses receive payment faster, with funds deposited the next day. Point-of-Sale Lending improves customer satisfaction and loyalty, and gives organizations a competitive edge by offering customers flexible payment options over various periods of time. Most importantly, businesses receive all the advantages of providing an instant lending solut...