SOUTH JORDAN, UT/ACCESSWIRE/June 29, 2022/ FuturePay Holdings Inc. (“FuturePay”), a provider of digital revolving credit solutions, announced that it has signed an agreement with Cross River, a technology infrastructure provider that offers integrated financial solutions, for the digital revolving credit platform MyTab™ of the society. Based in Fort Lee, New Jersey, Cross River is a leading financial services institution powering innovative fintech companies. With Cross River’s banking capabilities and robust technology infrastructure, the MyTab digital platform will provide responsible access to credit to consumers across the country and fintech solutions to countless merchants. Cross River’s regulatory expertise adds an extra layer of compliance and consumer protection, ensuring a secure and reliable platform.
FuturePay’s MyTab digital revolving credit platform will be available to online merchants and their customers as an integrated cardless payment solution in the coming weeks. Operating outside the traditional credit card “rails”, MyTab allows consumers to apply for a line of credit once that can be used and reused over time. This allows FuturePay merchants to develop long-term customer relationships, encourage repeat or subscription purchases, and build brand loyalty. This contrasts with Buy Now Pay Later (BNPL) options which offer short-term installment loans that close when the transaction is paid off. MyTab offers the convenience and instant decision-making of BNPL solutions while providing rigorous credit verification and fraud mitigation similar to what traditional credit cards and store card companies offer.
FuturePay’s new platform is merchant-friendly, offering competitive merchant fees for e-commerce transactions while giving consumers the flexibility to structure payments to meet their own budgetary needs. MyTab is integrated with many major e-commerce platform providers, including Shopify, Magento, Shift4Shop, and PrestaShop, with more to come.
“We are delighted to partner with FuturePay to power its new digital revolving credit platform. This innovative product helps fill a gap in the market and bring responsible lending solutions to more consumers,” said Adam Goller, Head of Fintech Banking at Cross River. “The company has implemented a best-in-class compliance and cybersecurity program with the end-consumer experience in mind. FuturePay is well positioned to meet the demands of a rapidly growing market.
“Cross River is one of the most respected financial institutions in the e-commerce industry, and we are delighted to partner with them to bring MyTab to market,” said Tim Harris, CEO of FuturePay. “We look forward to a long and successful relationship with Cross River as we seek to help merchants grow their businesses and build long-term relationships with their customers.”
Based in South Jordan, Utah, FuturePay Holdings Inc. is the provider of MyTab, an innovative digital revolving credit platform that offers a secure, cost-effective, and easy-to-implement cardless payment option for e-commerce merchants and their customers. Unlike traditional Buy Now Pay Later platforms that offer installment loans for a single purchase, MyTab customers apply once for a revolving line of credit that they can reuse again and again for purchases on any website accepting MyTab as a payment method.
About Cross River
Cross River provides a technology infrastructure that powers the future of financial services. Leveraging its proprietary real-time banking core, Cross River delivers innovative and scalable integrated payment, card, lending and crypto solutions to millions of consumers and businesses. Cross River is backed by leading investors and serves the world’s most essential technology and technology companies. Together with its partners, Cross River is reshaping global finance and financial inclusion. FDIC member. Learn more about www.crossriver.com.
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THE SOURCE: FuturePay Holdings Inc.
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