Citizens And Wisetack Join Forces To Boost BNPL Services

Citizens Financial Group, known for its thriving buy now/pay later (BNPL) business with tech giants like Apple, Best Buy, and Microsoft, is now setting its sights on the small-business services sector. The company announced a partnership with Wisetack, a platform that connects in-person service providers with BNPL lenders, marking a significant expansion of its services.

The partnership with Wisetack will initially focus on providing BNPL loans to consumers for home improvements, vehicle repairs, and medical services. This move comes at a time when the economy is tightening, and consumers are increasingly looking for flexible payment options for these essential services.

While large merchants and e-commerce sellers have seen explosive growth in BNPL loans during the pandemic, the momentum has been slower for small businesses that operate in person. One of the reasons for this is the fragmented connections between potential borrowers and lenders. Wisetack has been working to close this gap with its platform, and the partnership with Citizens Financial Group is a significant step in this direction.

Related Topic: Best Registered Agent Services 2024

A Win For Small Businesses

The partnership is not just a win for Citizens Financial Group and Wisetack, but also for the small businesses and consumers who stand to benefit from these services. By providing flexible payment options, the partnership will make it easier for consumers to access essential services, even in a tightening economy. For small businesses, the partnership will provide a much-needed boost, helping them attract more customers and grow their businesses.

Citizens Financial Group’s move into the small-business services sector is part of a broader trend of traditional banks partnering with fintech companies to expand their services. These partnerships allow banks to leverage the technological capabilities of fintech companies to provide more flexible and convenient services to their customers.

The partnership with Wisetack is not Citizens Financial Group’s first foray into supporting small businesses. The company has previously partnered with Fundation, a digital lending platform, to provide loans to small businesses. It has also hosted the Small Business Community Champion Award Contest to recognize small businesses that have made significant contributions to their communities.

Customer First Approach

In addition to its partnerships, Citizens Financial Group has also taken steps to improve its services to customers. The company recently announced that it is extending its branch hours to better serve its customers and communities. This move, along with the partnership with Wisetack, demonstrates Citizens Financial Group’s commitment to meeting the evolving needs of its customers.

The partnership between Citizens Financial Group and Wisetack is a significant development in the BNPL sector. By focusing on in-person services and small businesses, the partnership is addressing a gap in the market and providing much-needed services to consumers and businesses. As the economy continues to tighten, services like these will become increasingly important, providing consumers with the flexibility they need and helping small businesses grow.

Challenges in BNPL

A podcast episode from Glenbrook Partners, LLC features a discussion with Bobby Tzekin, Founder and CEO of Wisetack, about the intersection of three significant payment trends: helping small businesses modernize their payment acceptance options, embedded finance, and the consumer lending phenomenon known as Buy Now, Pay Later (BNPL).

The episode delves into the challenges and opportunities in the BNPL space, including the fragmented connections between prospective borrowers and lenders, the need for seamless integration and understanding of underwriting, and the importance of a conducive macroeconomic and regulatory environment.

In conclusion, Citizens Financial Group’s partnership with Wisetack marks a significant expansion of its BNPL services. By focusing on small businesses and in-person services, the partnership is addressing a gap in the market and providing much-needed services to consumers and businesses. As the BNPL sector continues to evolve, partnerships like these will play a crucial role in shaping its future.