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Customer expectations continue to evolve, and when considering a purchase — a big ticket item or even a smaller one — they often look for flexibility in payment options. Merchants and retailers operate in an increasingly competitive space, seeking to create a better customer experience to win greater loyalty and frequency while also increasing sales. The customer/merchant relationship does not have to be one of opposition. There are solutions that can benefit both.    

The Connected Commerce and Strategic Growth division of Citi Retail Services is designed to reimagine point-of-sale (POS) lending. The team conceptualizes how finance products can be integrated with merchants’ POS systems and how to make it easier for merchants to connect with Citi. The information is leveraged when building products and merchant connection points, enabling customers to access relevant lending products when checking out or buying merchandise. 

Indeed, Citi’s research revealed that both consumers and merchants are looking for multiple payment options at the checkout. In fact, 90% of surveyed consumers agreed that retailers need to offer various payment options at the POS. Designed for consumers and retailers, Citi Pay® products help consumers understand the monthly cost of a product. Instead of focusing on the total transaction amount, they can assess purchases based on the associated monthly payments. This process helps consumers determine how the product or the purchase best fits into their budget. 

In this podcast, Mark Johnson, CEO of Loyalty360, spoke with Terry O’Neil, Head of Connected Commerce and Strategic Growth for Citi Retail Services, about the future of POS lending, the strategic partnerships Citi’s formed to enable Citi Pay®, and how merchants shouldn’t underestimate the power of an embedded payment product in building customer loyalty.