Mash announced a new pan-European partnership with Verifone (NYSE: PAY) today to provide a “pay later” solution for use in retail stores across Europe. The service will offer consumers an easy option to pay later for purchases while enabling merchants to immediately collect payment and grow their business.
The innovative new purchasing method allows consumers to forego payment at the time of purchase by simply selecting the Mash option from a Verifone device for instant on-boarding and credit approval. Within 14 days, the consumer will receive an invoice to pay the balance in full or choose to convert the payment into a monthly installment plan. Mash handles the consumer’s financial obligations so businesses can benefit from being paid instantly and focus on serving their customers.
“Today’s in-store financing solutions are not seen as a source of competitive advantage by business owners because they are hard to use and create a large degree of friction at the point of sale,” said James Hickson Group CEO of Mash. “We believed this needed to change. Since we launched our initial pilot with Verifone in Finland, businesses have highlighted the service’s simplicity and their ability to secure larger basket sizes. We have seen excellent traction since the pilot in November and are now up and running with hundreds of merchants across a range of market segments. We are now focused on scaling significantly in 1Q 2018 and empowering businesses across Europe.”
“For both merchants and consumers, our partnership with Mash underscores our ability to deliver differentiated experiences through Verifone Connect, a fully integrated global product that enables merchants to start, run and grow their business well beyond accepting payments,” said Nathan Gill, Vice President of Digital Services, Verifone Europe. “Verifone Connect is available on all Verifone Engage, Carbon and select VX devices.
“Our deep insight of FinTech coupled with Verifone’s secure and open platform, create real opportunities to deliver disruptive solutions for both consumers and merchants,” said Hickson. “PSD2 brings next-generation customer authentication technology and the potential to offer tailored, small business loans in real-time to merchants. These are clear examples of where we will look to add value and seek to continue to transform the payment and merchant experience.”
Mash has been at the forefront of FinTech innovation since 2007. We leverage our advanced proprietary algorithms, machine learning capabilities and automated platform to deliver superior finance and payments solutions to thousands of customers every day. We work hard for a future powered by technology, making every transaction seamless, flexible and worry-free. Today, Mash is one of Europe’s leading FinTech companies.