Synchrony Financial SYF has expanded its alliance with the leading provider of payment technology and financial services Fiserv, Inc. FISV to help small businesses.
Small businesses now have access to the company’s portfolio of services and products and accept private label credit card payments through the Clover point of sale and enterprise management platform. This provides an enhanced growth opportunity and feasibility for small businesses as they will be able to acquire new customers through this advantage.
Customers can take advantage of the wide range of payment options available to them. With the Clover App Marketplace, Synchrony Financial merchants will be able to reach a wider audience and earn greater income through an expanded range of financing products.
The demand for easy payment choices among small businesses is high as they need to offer flexible financing options to customers. While there are general purpose credit or debit cards out there, consumers are constantly looking for alternative financing options like Buy Now Pay Later, private label credit, and other merchant-provided installment plans.
With the move, Synchrony Financial will be able to enrich its portfolio as the first company to enable Clover merchants to accept private label card payments through Clover. This consolidates the company’s position in the market and re-establishes it as a leading entity in the digital capabilities, data, analytics and finance market.
Synchrony Financial clients can also use various products such as revolving credit and short and long term installment loans. This unique relationship also opens the doors for cross-selling Synchrony products to current Clover merchants.
The agreement will initially focus on the availability of Synchrony in the Clover app market. In addition to benefiting from a suite of services, merchants will also be able to view account information and process transactions. In addition, the company will help traders acquire valuable information and tools related to credit and non-credit business data etc.
This company currently Zacks Rank # 2 (Purchasing) has spared no effort to strengthen its capabilities and expand its network.
Synchrony Financial has also managed to review several collaborations in recent quarters. It has partnered with several big names, such as PayPal and Venmo, which in turn continue to transform the payment experience for customers. Last month, it expanded its partnership with Rollick Inc., the leader in relationship marketing technology for marine, powersports and RV dealers and manufacturers.
The card issuer has also renewed its relationship with Mattress Firm, Ashley Home Furniture, American Eagle, Ashley HomeStore, etc. Last month, Synchrony Bank launched the new myWalgreens credit card program, featuring two first retail health and wellness credit cards for Walgreens.
The share of this company soared 72.5% over one year compared to industrygrowth of 12.1%. You can see The full list of today’s Zacks # 1 Rank (Strong Buy) stocks here.
Image source: Zacks Investment Research
Actions to consider
Some actions better classified in the same space are Jefferies Financial Group Inc. JEF and CIT Group Inc. CIT, each currently wearing a Zacks rank of 2.
Jefferies Financial and CIT Group have surprise earnings over the last four quarters of 222.85% and 224.59%, on average, respectively.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.