FuturePay Holdings teams with Cross River for its MyTab Platform

With Cross River's banking capabilities and robust technology infrastructure, the MyTab digital platform will provide responsible credit access to consumers across the US, and fintech solutions to merchants. Cross River's regulatory expertise adds an additional layer of compliance and consumer protection to the platform.

FuturePay's MyTab will be available to ecommerce merchants and their customers as an embedded cardless payment solution. Operating outside traditional credit card ‘rails,’ MyTab enables consumers to apply once for a credit line that can be used and reused over time. This allows FuturePay merchants to develop long-term customer relationships, encouraging repeat or subscription purchases, and creating brand loyalty.

The solution contrasts with Buy Now, Pay Later (BNPL) options which offer short-term instalment loans that close when the transaction is paid off. MyTab offers the convenience and instant decisioning of BNPL solutions while delivering rigorous credit screening and fraud mitigation similar to what traditional credit cards and store card companies provide.

FuturePay's new platform is merchant-friendly, providing competitive merchant fees for ecommerce transactions while giving consumers the flexibility to structure payments to meet their own budgetary needs. MyTab is integrated with many ecommerce platform providers including Shopify, Magento, Shift4Shop, and PrestaShop, with more to come.