Retailers can now take advantage of low merchant fees, increased average order values, reduced cart abandonment, and repeat purchase opportunities
FuturePay Holdings Inc. (FuturePay), a provider of e-commerce financing solutions, announced that its innovative MyTab digital revolving credit platform is now available for online merchants. The MyTab solution is an alternative to traditional credit card and Buy Now Pay Later (BNPL) installment loan offerings. MyTab operates independently from the credit card networks and can be easily integrated with the shopping carts of popular e-commerce platforms through a simple “plug and play” API. MyTab enables merchants to provide an intuitive, cardless online revolving credit option for consumers, with very merchant-friendly terms.
MyTab’s unique digital revolving credit solution allows consumers to apply once, and if approved, reuse their line of credit indefinitely. This has major advantages over “apply once/use once” BNPL installment loans when it comes to improving customer lifetime value (LTV). The reusable credit line increases brand loyalty and delivers recurring revenue to merchants by enabling repeat and subscription-based purchases. In contrast, BNPL loans terminate the merchant/customer relationship after the installment payments are completed.
The MyTab platform offers merchants competitive rates and fast payment, while giving consumers the added flexibility of structuring their own payment schedules. The solution can be integrated with a wide array of major e-commerce platforms including Shopify, Magento, Shift4Shop, and PrestaShop. In addition, MyTab’s frictionless payment process is fully optimized for mobile purchases, making it easy for consumers to complete purchases on-the-go.
To celebrate, FuturePay is offering a Charter Merchant Program featuring an introductory discount of 50 percent on merchant fees for the first six months after launch for select e-commerce merchants that sign up for MyTab.
“MyTab’s cardless digital revolving credit platform combines the best of all worlds: instant decisioning, an embedded payment solution, and the convenience of BNPL with the flexibility and proven business
model of traditional credit cards,” said Tim Harris, chief executive officer at FuturePay. “We believe MyTab will appeal to both e-commerce merchants and their consumer customers. Retailers can offer their customers a frictionless, convenient, and highly secure financing option at checkout with a payment schedule that can be tailored to their specific budgetary needs. We also expect that merchants will welcome the increased recurring revenue and improved brand loyalty that MyTab enables.”
Headquartered in South Jordan, Utah, FuturePay Holdings, Inc. is the provider of MyTab, an innovative digital revolving credit platform that delivers a secure, cost-effective, and easy-to-implement cardless financing option for e-commerce merchants and their customers. Unlike traditional Buy Now Pay Later platforms that provide installment credit loans for a single purchase, FuturePay customers apply once for a revolving credit line which they can use and reuse over the long-term for purchases on any website accepting MyTab as a payment method.