US Bank launches Avvance, a point-of-sale lending platform for companies
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US Bank recently launched its brand new, embedded, multi-channel point-of-sale (PoS) lending platform. According to the bank, the platform will provide services to companies, allowing them to offer financing at the checkout to their customers.
The platform was named Avvance, and it is a bank-backed option that offers a quick application process, as well as instant decision-making for personalized loans. The bank explained that Avvance will allow shoppers to enjoy benefits like flexibility and convenience.
As for businesses, it will also allow them to access a new payment option, coming from a trusted provider. Businesses would not have to struggle with payments management after the sale, as Avvance will offer benefits to all parties included.
The bank’s statement noted that payment methods are evolving constantly, and so are consumer expectations. In order to meet them, the bank created Avvance as a flexible alternative to make payments, allowing customers to own the purchase and the process.
US Bank will handle all aspects of the process
Commenting on the new solution, US Bank’s Mia Huntington said: “With Avvance, business owners have the ability to attract new customers while increasing their buying power, resulting in increased sales.”
She added that the new point-of-sale lending product will also grant company owners the ability to offer affordable financing. At the same time, they will receive full payments at the moment the sales take place.
All aspects of the process, from application to serving, will be managed by the US Bank — the primary source of consumer loans. This leaves businesses and their owners free to focus on running their companies, without having to worry about this side of things.
Huntington added that consumers like the certainty of knowing their payment amount and terms at the time of sale. Along the way, they also enjoy easy and instant access to credit. This is why Avvance is such a great opportunity, as it will also increase their buying power, which will lead to increased sales for businesses.
US Bank is the industry leader in payment services. Its parent company is US Bancorp, which has around 75,000 employees. As of September 30, 2023, US Bancorp also held $668 billion in assets. It has been recognized and praised for its approach to community partnerships, digital innovation, and customer service. In fact, it was even named one of the 2023 World’s Most Ethical Companies, and also Fortune’s most admired superregional bank.
