DivideBuy, a UK-based point of sale (POS) credit provider, has announced a new partnership with payments platform Acquired.com.
Acquired.com is a Visa and Mastercard accredited payment service provider as well as a Payment Initiation Service Provider (PISP) – regulated by the FCA, receiving its license in 2019.
DivideBuy expects the partnership with Acquired.com will accelerate the uptake of POS finance among customers of DivideBuy’s merchants by reducing the number of declined transactions. DivideBuy states that it will leverage Acquired.com’s acquiring gateway and automated tools to optimize payments, routing transactions through different payment rails and acquirers to increase acceptance rates for merchants.
DivideBuy said that a key component is the Account Updater tool, which will allow DivideBuy’s merchants to avoid declined payments based on out-of-date card and account details, which reduces cart abandonment rates.
Additionally, DivideBuy’s merchants will be able to send customers secure payment links via email or text, enabling them to choose another payment method of their choice to complete the transaction.
DivideBuy noted that interest-free credit is “surging” with an expected growth rate of 157% in the next five years or increasing from 360 million this year to 900 million in 2027.
Teresa Byrne, Chief Commercial Officer at DivideBuy, commented on the partnership:
“DivideBuy’s mission is to disrupt POS finance with solutions based on responsible lending, and give merchants every tool they need to succeed. Our partnership with Acquired.com provides game-changing levels of insight and service that weren’t available until now, and which promise to transform merchants’ sales performance. Acquired.com is the perfect partner for us – we share a deep commitment to providing ethical and responsible payment solutions, and a determination to help merchants forge long-lasting relationships with their customers. I can’t wait to see how Acquired.com’s toolkit will accelerate DivideBuy’s delivery of even more customer payment choice, and stronger revenues for merchants.”
Mark Johnson, Commercial Director at Acquired.com, said they are ideally positioned to support DivideBuy’s payment processing needs.
“We are looking forward to working closely with DivideBuy to further their customer-centric approach to interest-free credit and transform their payments ecosystem as they grow”.
DivideBuy previously revealed a £300 million funding agreement with Davidson Kempner Capital Management LP.
