Business & Corporate
Driving to One-Click: The New Point of Sale
Although the financing of consumer goods and services is not a new concept, there has been a recent, rapid evolution in the methods, means, and speed of providing point-of-sale financing to consumers. The history of consumer credit traces back to retailers permitting consumers to pay for goods and services over time. Financing of goods and services was later outsourced to banks and finance companies who took on the risk, and reward, of financing on the retailer’s behalf. As time went on, the correlation between the creditor and the retailer became closer, at times becoming difficult to differentiate between the retailer and the creditor through the sales and financing process. Despite this point-of-sale financing evolution, roughly the same disclosure regime remains in place from 40 years ago.