Verifone partners Mash for ‘pay later’ offering
Written by Chris Lemmon
Verifone has signed a deal with e-commerce payment firm Mash to roll out a ‘pay later’ solution use in retail stores across Europe.
The new service will offer consumers the option to pay for the purchases later, while enabling merchants to immediately collect payment. Within 14 days, the consumer will receive an invoice to pay the balance in full or choose to convert the payment into a monthly instalment plan.
Mash handles the consumer’s financial obligations so businesses can benefit from being paid instantly.
James Hickson, group CEO of Mash, said: “Today’s in-store financing solutions are not seen as a source of competitive advantage by business owners because they are hard to use and create a large degree of friction at the point of sale.
“We believed this needed to change. Since we launched our initial pilot with Verifone in Finland, businesses have highlighted the service’s simplicity and their ability to secure larger basket sizes. We have seen excellent traction since the pilot in November and are now up and running with hundreds of merchants across a range of market segments.”
Nathan Gill, vice president of digital services at Verifone Europe, added: “For both merchants and consumers, our partnership with Mash underscores our ability to deliver differentiated experiences through Verifone Connect.”