Fresh of its return to the Finovate stage, alternative payment platform Sezzle announced this week that Priority Payment Systems will offer Sezzle as a payment option for its merchants. This will allow Priority Payment Systems merchants to add the e-commerce financing technology both at the product page and at checkout.
“We’re excited to offer our clients and their merchants a new alternative payment method, providing more choices for consumers and differentiation in the marketplace,” Priority Payment Systems CEO John V. Priore said. Founded in 2005, Priority Payment Systems has 174,000+ SME merchant customers, and processes 39+ billion electronic transactions a year. Sezzle founder and CEO Charlie Youakim praised the company’s “scale and breadth in e-commerce,” and called the Alpharetta, Georgia-based firm “an excellent financial services partner for Sezzle.”
Sezzle provides POS financing that enables consumers to pay for purchases in four interest-free installments over a six-week period. Sezzle pays the merchant directly, assuming all repayment risk, and has helped more than 1,800 e-commerce retailers boost average order values by an average of 20%. Sezzle is also a popular option with younger consumers who are less likely to have a credit card. The company noted that 80% of the 100,000+ shoppers on its platform are less than 35 years old.
Brent Sandor, Marketing Director at 686, a fashionable outerwear and technical apparel retailer, underscored Sezzle’s value in providing payment flexibility. “Our products are very popular with young consumers, but it’s hard for some of them to afford the full purchase price, and Sezzle enables them to budget and spread their purchase over time.”
Founded in 2016 and headquartered in Minneapolis, Minnesota, Sezzle demonstrated its “Shop Now, Pay Later” alternative payment system for e-commerce checkouts at FinovateFall 2018 last month. Earlier this year, the company announced a partnership with fellow Minneapolis startup, CartStack, to help e-commerce merchants better engage with their customers. In May, Sezzle added former Bluestem Brands VP and U.S. Bank executive Karen Hartje as CFO.
With $10.9 million in funding, Sezzle includes E-Merge and CSC Upshot among its investors.