The collaboration will enable eligible US merchants within the American Express network to access GreenSky’s proprietary point-of-sale financing solutions. Using GreenSky’s platform and technology, home improvement and elective healthcare merchants that accept American Express will be able to provide customers with options to finance large purchases in a paperless environment.
Customers apply for installment loan financing via GreenSky’s mobile app, online or over the phone, and receive a decision and transact within 60 seconds. GreenSky will also have access to American Express vPayment, a virtual payments solution, to facilitate purchases via virtual account numbers delivered to approved customers.
Moreover, the companies plan to pilot a digital direct loan option with a platform for eligible American Express consumer Card Members to search for participating merchants within GreenSky’s network, and to finance their purchases at participating American Express accepting merchants of their choosing within or outside of GreenSky’s merchant network. The direct to consumer loans would initially be offered in the home improvement category in five US cities.
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