Payments Dive
Elavon, the card payments processor owned by U.S. Bank, wants to squeeze its way into the fast-growing buy-now-pay-later business.
Elavon, which doesn’t offer a BNPL, is “assessing” how to capitalize in on the new trend, Elavon CEO Jamie Walker said in an interview Friday. Asked whether the company is more likely to build a BNPL offering or buy its way in, Walker said details of Elavon’s strategy are being worked out.
“I think it’s going to be a combination of both,” he said. “I would anticipate at a minimum some partnerships to get us going.”
Consumers use BNPL to pay for a product or service over a series of installments, oftentimes four payments. Whether shopping online or in stores, consumers are increasingly being offered the BNPL payment option at checkout, and gravitating to it.
Atlanta-based Elavon’s card processing services are available through a variety of merchants, including the national retailer Costco, according to online ads. The company is well-positioned to operate in the BNPL arena, Walker said.
