NEW YORK—GreenSky has announced a partnership with American Express to offer alternative payment solutions to merchants and consumers.
The companies aim to join American Express's large customer base with GreenSky's ability to offer point-of-sale financing options, reported Value Penquin.
The partnership would allow customers to finance large purchases without creating a large paper trail, making the interaction much more like a typical point-of-purchase sale, Value Penquin noted.
“…The partnership between American Express and GreenSky hints that a new, alternative (financing) model may be in the works. This model would provide something much closer to a point-of-sale purchase, a transaction with which most Americans are familiar. That means consumers can expect financing in the future to feel much more like the swiping of a credit card—and it may be harder to tell the difference from the surface level as financing becomes more electronic and more convenient,” Value Penquin said.
“With GreenSky's current technology, customers can apply for installment-based loan financing on a mobile app and sometimes receive approval within as little as 60 seconds. Because GreenSky uses proprietary technology to make this possible, American Express's partnership with GreenSky hints at an exclusive feature that may only be available to American Express customers in the future,” Value Penquin added.