June 29, 2022
FuturePay Holdings Inc. Announces Partnership with Cross River for MyTab™ Platform
SOUTH JORDAN, UTAH - 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 embedded financial solutions, for the company’s MyTab digital revolving credit platform. Headquartered in Fort Lee, New Jersey, Cross River is a leading financial services institution that powers innovative fintech companies. With Cross River’s banking capabilities and robust technology infrastructure, the MyTab digital platform will provide responsible credit access to consumers across the country, and fintech solutions to countless merchants. Cross River’s regulatory expertise adds an additional layer of compliance and consumer protection, ensuring a secure and reliable platform.
FuturePay’s MyTab digital revolving credit platform will be available to e-commerce merchants and their customers as an embedded cardless payment solution in the coming weeks. 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. 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 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 major e-commerce platform providers including Shopify, Magento, Shift4Shop, and PrestaShop, with more to come.
“We are excited to partner with FuturePay to power its new digital revolving credit platform. This innovative product helps to fill a gap in the market and provide responsible credit solutions to more consumers,” said Adam Goller, Head of Fintech Banking at Cross River. “The company has built a first- class compliance and cybersecurity program with the experience of the end consumer in mind. FuturePay is well positioned to meet the demands of a fast-growing marketplace.”
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