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Members of credit unions that are partnered with PSCU will soon be able to pay off their purchases in installments, the St. Petersburg, Fla.-based payments CUSO announced this month.
The Installment Payments solution, a "buy-now, pay-later" installment plan, allows cardholders to pay for purchases over a fixed timeframe by dividing the purchase amount into smaller fixed payments, PSCU said. In the first phase of the new offering's rollout, cardholders will be able to make post-purchase installment payments over a fixed period of time and for a fixed amount. Credit unions will have the ability to customize the criteria for their installment offers.
The new solution will integrate with PSCU's Digital Xperience suite of offerings, will be available through APIs, and leverages technology from the Brookfield, Wis.-based fintech and core processor Fiserv. PSCU said it will begin piloting Installment Payments with credit union partners in the near future.
"The demand for this convenient payment option has grown tremendously as consumers look to play more active roles in managing their financial lives and has been further accelerated by the COVID-19 pandemic, which has driven consumers to look for more ways to budget and improve their finances," Jeremiah Lotz, managing vice president, Digital Experience & Payments at PSCU, said in a prepared statement. "In keeping with our commitment to delivering innovative digital payment solutions, our Installment Payments offering will be designed to provide credit unions a real opportunity to meet that demand, while also increasing cardholder engagement and providing positive member experiences – which will eventually turn into new revenue streams."
The CUSO noted that when presented with an installment payments option, consumers tend to spend more and make more repeat purchases, leading to more revenue for financial institutions. Citing Visa and Klarna Insights, PSCU said consumers increase their average ticket size by 50% and their repeat purchases by 20% when offered installment payments.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
