- Ally Financial Inc (NYSE: ALLY) and Mastercard Inc (NYSE: MA) have announced a partnership where Ally Lending (the personal lending arm of Ally Bank) is working with Mastercard’s leading alternative financing platform for retailers called Vyze on point-of-sale retail financing
Ally Financial Inc (NYSE: ALLY) and Mastercard Inc (NYSE: MA) have announced a partnership where Ally Lending (the personal lending arm of Ally Bank) is working with Mastercard’s leading alternative financing platform for retailers called Vyze on point-of-sale retail financing. This partnership builds on Ally’s deep experience and rapidly growing footprint in healthcare and home improvement lending. And Ally Lending will serve as the first installment loan lender on the Vyze platform, giving thousands of retail merchants access to a financially stable lender for higher-ticket sale options.
The “pay over time” trend has been gaining in momentum in the U.S. as it is a budget-friendly option for making large purchases. And alternative financing options benefit not only consumers, but also retailers and merchants who offer affordable credit options to their shoppers.
Merchants who offer point-of-sale financing options tend to see substantial increases in sales and increases in order value. And through its partnership with Vyze, Ally Lending provides merchants with a way to give their customers choice, assurance and simplicity thus resulting in more sales.
Through the Vyze platform, Ally Lending will offer a comprehensive installment lending solution with a range of consumer payment options, giving shoppers the purchasing power they need for big- and small-ticket goods and services. And Ally Lending brings a fully digital application process to Vyze for purchases up to $40,000 with monthly fixed-rate installment loans extending from 6 to 60 months and flexible promotional offerings.
KEY QUOTES:
“In today’s economic environment, flexible, affordable financing options that protect consumers’ and businesses’ long-term financial health have never been more important. Mastercard’s deep experience in global payment and technology positions Vyze as a leader in the point-of-sale lending market. Together, our partnership gives merchants, who want to offer consumers trusted and stable installment loan options, a powerful, digital option.”
— Hans Zandhuis, head of Ally Lending
“Partnering with Ally Lending allows us to continue to grow customer choice and payment flexibility in the retail sector. This opens the door for merchants to offer their shoppers a proven, trusted lending partner in Ally Lending, whose dedication to customer service and ‘doing right’ aligns with ours. This partnership will strengthen customer loyalty for the many retailers we work with.”
— Mitch Ferro, CEO of Vyze for Mastercard
