SAN ANTONIO–(BUSINESS WIRE)–Usio, Inc: (Nasdaq: USIO), a leading provider of FinTech integrated payment solutions, today announced the implementation of its new point-of-sale credit solution, enabling businesses to ‘offer instant credit to their customers without absorbing any of the consumer credit risk.
“Point-of-sale consumer loans are growing faster than any other unsecured loan, from $92 billion in outstanding loan balances in 2019 to $182 billion in 2023, according to The Ascent,” Louis said. Hoch, president and CEO of Usio. . “Our new point-of-sale lending solution enables businesses to quickly and easily offer instant point-of-sale credit to their customers, without the challenge of onboarding or credit issues. Any business that deals directly with customers for relatively more expensive purchases can use this instant credit as a way to potentially earn more business at the point of sale.
According to The Ascent, the percentage of people who used a buy-it-now, pay-later service increased by 62% across all age groups between July 2020 and March 2021, excluding people over 54. , which recorded a 98% increase. use.
According to the Bread Research Report on Payment Preferences, published in October 2019, consumers prefer to buy now, pay later. For example, 53% of people would prefer to make a $200 purchase in four equal interest-free periods. payments, avoiding the high interest that would be incurred on a credit card during this period. Monthly installments come to the fore with larger purchase amounts, where 49% would prefer monthly installments on a $1,000 purchase and 69% would prefer monthly payments on a $5,000 purchase. Only 14-15% would prefer to use a credit card for such large purchases.
No integration is required with Usio’s point-of-sale lending solution. Businesses receive payments faster, with funds deposited the next day. Point-of-sale lending improves customer satisfaction and loyalty and gives organizations a competitive edge by providing customers with flexible payment options over different time periods. Most importantly, businesses get all the benefits of providing an instant loan solution to their customers without assuming any risk.
Consumers have the option to buy interest-free now, pay later, an installment loan of 6 weeks or less, or longer terms with aggressively priced interest rates with market-competitive rates. Merchant-level revenue recognition will occur at the time of sale, while funds (net of any potential associated expenses) will be settled the following day.
About Usio, Inc.
Usio, Inc. (Nasdaq: USIO), a leading provider of integrated, cloud-based FinTech electronic payment solutions, offers a wide range of payment solutions to merchants, billers, banks, offices services, crypto exchanges and card issuers. The company operates credit, debit/prepaid and ACH payment processing platforms to provide its customers with convenient, world-class payment solutions and services. The Company, through its Usio Output Solutions division, offers services related to electronic invoice presentment, document composition, document breakdown, and printing and mailing services. The Company’s strength lies in its ability to provide tailor-made solutions for card issuance, payment acceptance and bill payment as well as its unique technology in the prepaid sector. Usio is headquartered in San Antonio, TX, with offices in Austin, TX and Franklin, TN, just outside of Nashville.
DISCLAIMER OF FORWARD-LOOKING STATEMENTS
Except for historical information contained in this release, the matters discussed in this release include forward-looking statements that are covered by safe harbors. These statements include, but are not limited to, all statements regarding management’s intent, beliefs and expectations, such as statements regarding our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as “believe”, “intend”, “look into the future”, “anticipate”, “plan” and “expect”, among others. . are subject to certain risks and uncertainties inherent in the business of the Company that could cause actual results to vary, including risks related to an economic downturn resulting from the COVID-19 pandemic, the realization of opportunities from the acquisition of IMS , management of the growth of the Company, the loss of key resellers, relationships with the Automated Clearinghouse network, banking sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the share price volatility, the need to obtain additional financing, risks associated with new tax legislation and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2021. One or more of these factors has affected, and may in the future affect, the Company’s business and financial results in the future and could cause actual results to differ materially from plans and projections. The Company believes that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the material uncertainties inherent in the forward-looking statements included herein, the inclusion of this information should not be construed as a representation by us or anyone else that the objectives and plans will be achieved. All forward-looking statements made in this release are based on information currently available to management. The Company undertakes no obligation to update forward-looking statements, except as required by law.