Major e-commerce technology providers partner to deliver a cutting-edge alternative financing solution to merchants and consumers
SOUTH JORDAN, UT / ACCESSWIRE / October 13, 2022 / FuturePay Holdings Inc. (FuturePay®) a provider of digital revolving credit solutions, today announced it has completed an integration into the Bold Commerce headless checkout experience. Through this integration, Bold Commerce will offer FuturePay’s MyTab™ platform to its growing roster of leading retailers and DTC brands looking to offer flexible, secure, and seamless financing options in checkout to their shoppers.
MyTab offers shoppers a reusable line of credit that is ideally suited for repeat and subscription purchases of goods such as cosmetics, household goods, pet supplies, back-to-school merchandise, and sporting equipment. MyTab’s flexible payment options allow shoppers to create a repayment schedule that fits their budgets, compared to the more rigid fixed installment payment plans associated with traditional Buy Now Pay Later (BNPL) options.
In addition, where BNPL loans terminate the merchant-customer relationship once the final installment payment is completed, MyTab allows consumers to reuse their credit on a long-term basis as long as their accounts remain in good standing. This encourages repeat purchases and allows e-merchants to develop ongoing engagements with their customers, building brand loyalty and increasing the average lifetime value (LTV) of those relationships. Bold Commerce’s clients now can take advantage of MyTab’s longer-term, digital revolving credit offering as a pre-built integration in their checkout solution.
“We’re excited to join with Bold Commerce and combine our collective leading-edge e-commerce technologies to serve the evolving requirements of merchants and their customers,” said Tim Harris, chief executive officer at FuturePay. “Together we can drive innovation in the digital checkout process by delivering an easy-to-use, flexible financing option that is an appealing alternative to traditional credit cards and BNPL offerings. We anticipate rapidly growing our merchant base through this relationship, delivering a premium financing experience that is fast, efficient, and secure.”
Bold Commerce delivers high-converting, customizable checkout experiences to power anywhere commerce. More than 90,000 brands and retailers, including Vera Bradley, Harry Rosen, Staples Canada, Pepsi, and Mars, rely on Bold Commerce to tailor their checkout experiences with preferred payment methods, pricing and promotion management, subscription capabilities, buy online/pick-up in store (BOPIS), custom plug-in capabilities, and more.
“With nearly 20 percent of shoppers abandoning their purchases in the checkout stage due to inadequate payment methods, it’s become a priority for retailers to offer expanded payment options and alternatives,” said Yvan Boisjoli, CEO of Bold Commerce. “Bold Commerce and FuturePay are like minded in our philosophies to provide ecommerce brands with compelling and seamless financing and checkout solutions that will support their growth. With FuturePay’s MyTab as a revolving digital credit option, brands can now offer a new payment alternative to increase their checkout conversion.”
Headquartered in South Jordan, Utah, FuturePay Holdings, Inc. is the provider of MyTab™, an innovative digital revolving credit platform that delivers a secure, cost-effective, and easy-to-implement cardless financing option for e-commerce merchants and their customers. Unlike traditional Buy Now Pay Later platforms that provide installment credit loans for a single purchase, FuturePay customers apply once for a revolving credit line which they can use and reuse over the long-term for purchases on any website accepting MyTab as a financing method.
About Bold Commerce
Bold Commerce is powering anywhere commerce for brands by delivering high-converting, customizable checkout experiences. The company works with leading omnichannel retailers like Vera Bradley, Harry Rosen, and Staples Canada, and emerging DTC brands, such as Pepsi’s Mountain Dew and Game Fuel, to reimagine commerce. Its proprietary suite of modular checkout, subscriptions and price rules solutions is compatible with multiple ecommerce platforms and headless architectures.
Revolving credit is made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender.
Parallel Communications, Inc.
SOURCE: FuturePay Holdings Inc.