Yahoo Finance Synchrony Financial (SYF) Stretches Relationship With Fiserv
Synchrony Financial SYF expanded its alliance with the leading payments and financial services technology provider Fiserv, Inc. FISV to aid small businesses.
Small businesses now have access to the company’s service and product portfolio as well as accept private label credit card payments through the Clover point-of-sale and business management platform. This provides an enhanced growth opportunity and feasibility for small businesses as they will be able to acquire new clients through this benefit.
Customers can leverage the wide range of payment options at their disposal. With the Clover App market, Synchrony Financial’s merchants will be able to cater to a broader range of audiences and witness meatier revenues owing to an extended array of financing products.
Demand for easy payment choices among small businesses is high because the same needs to provide flexible financing options to customers. Although the existence of general-purpose credit or debit cards is there, consumers are constantly seeking alternative financing options like Buy Now Pay Later, private label credit and other installment plans provided by the merchants.
With this move, Synchrony Financial will be able to enrich its portfolio as the first company to allow Clover merchants to accept private label card payments via Clover. This solidifies the company’s position in the market and reinstates it as a market-leading entity in digital capabilities, data and analytics, and financing.
Clients of Synchrony Financial also get to use various products like revolving credit, and short-term and long-term installment loans. This unique relationship also opens doors for cross-selling Synchrony products to the current Clover merchants.
The deal will initially focus on the Synchrony availability in the Clover App market. Apart from availing a suite of services, merchants will also be able to view account information and process transactions. Besides, the company will help merchants gain valuable insights and tools related to credit and non-credit business data, etc.
This currently Zacks Rank #2 (Buy) company left no stone unturned in bolstering its capabilities and broadening its network.
Synchrony Financial was successful in revising multiple collaborations over the last few quarters as well. It partnered with several biggies, such as PayPal and Venmo, which in turn, continue to transform the payment experience of customers. Last month, it expanded its tie-up with Rollick Inc., the leader in relationship marketing technology for Marine, Powersports, and RV dealers and manufacturers.
The card issuer also renewed its relationships with Mattress Firm, Ashley Home furniture, American Eagle, Ashley HomeStore, etc. Last month, Synchrony Bank issued the new myWalgreens Credit Card program, featuring two industry-first retail health and wellness credit cards for Walgreens.
Price Performance
Shares of this company have soared 72.5% over a year compared with the industry's growth of 12.1%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Stocks to Consider
Some better-ranked stocks in the same space are Jefferies Financial Group Inc. JEF and CIT Group Inc. CIT, each currently carrying a Zacks Rank of 2.
Jefferies Financial and CIT Group have a trailing four-quarter earnings surprise of 222.85% and 224.59%, on average, respectively.
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CIT Group Inc. (CIT) : Free Stock Analysis Report
Fiserv, Inc. (FISV) : Free Stock Analysis Report
Jefferies Financial Group Inc. (JEF) : Free Stock Analysis Report
Synchrony Financial (SYF) : Free Stock Analysis Report
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