Small businesses are embedding payments options beyond credit card transactions into their platforms as consumers desire pay-over-time capabilities.
“Now that technology has allowed installment payment options to be present everywhere, especially online, consumers are choosing that,” Bobby Tzekin, co-founder and chief executive at embedded finance platform Wisetack, tells Bank Automation News on this episode of “The Buzz” podcast.
While software-as-a-service providers allow companies to embed payments options into their platforms with credit card transactions, the more affordable approach actually is to spread out payments over time, Tzekin said.
Wisetack’s API-based technology embeds into a company’s platform to allow for these pay-over-time transactions, he said.
The tech provider works with Citizens Financial Group to extend the bank’s lending options to small businesses, with Wisetack as the middleman between merchants and consumers, Tzekin previously told BAN.
Listen as Wisetack’s Tzekin discusses embedded finance with BAN Editor Whitney McDonald.
The following is a transcript generated by AI technology that has been lightly edited but still contains errors.