FuturePay Holdings Inc., a provider of digital revolving credit solutions for online merchants, announced the availability of MyTab, a secure, reliable, and intuitive consumer financing solution in place of traditional credit cards and installment loan options. MyTab is easily added to a retail website’s shopping cart through a “plug-and-play” API and consumers can use it to apply for and use revolving credit to pay for purchases, according to a press release.
MyTab’s capabilities enable system integrators to help online merchants who are looking to increase repeat business, reduce churn, and improve customer lifetime value. The product gives consumers an always-available line of credit, with more flexible payment terms than the installment credit programs.
“MyTab’s revolving credit solution represents a unique ‘buy now, pay later’ option for ecommerce platforms by enabling consumers to fund purchases through a customized payment schedule, as opposed to a rigid installment-based loan,” Tim Harris, CEO of Future Pay said in the release. “The availability of a MyTab account fosters long-term relationships that satisfy the evolving needs of both merchants and consumers.”