Fintech Nexus

Banks and merchants can successfully balance accessibility with responsible POS financing in 2024

February 12, 2024

Banks & Lenders

Merchants

Financial Services

Fintech Nexus News

A common challenge merchants face is offering bank loans to their customers at the place of purchase. Integrating with bank systems is no easy feat; hence, merchants initially turned to fintechs for Buy Now, Pay Later (BNPL) solutions.

However, they have come to realize that they need to take a long-term strategic view to point-of-sale (POS) financing instead of a short-term, ‘quick sale’ approach. In today’s high-interest environment, consumers should also be more educated about which type of credit they need and who they are taking credit from. If they want competitive loans that promote consumer protection and responsible lending, they need access to bank loans and traditional lenders. Plus, the split pay options just don’t make sense for larger ticket purchases.

This is why embedded lending options from banks will be key in 2024, empowering consumers to achieve life milestones and overcome financial barriers in their personal lives and businesses.

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