TRAVERSE CITY, Mich. — 4Front Credit Union has become the latest credit union to offer a buy now, pay later service that allows eligible members to divide purchases into fixed installment payments through its mobile and online banking platforms.
The Michigan credit union said members can review their potential spending limits before shopping, select a repayment schedule and manage installment plans alongside their checking account balances, transfers and bill payments. The service is available to eligible members statewide.
According to 4Front, the offering is integrated into its existing digital banking system, eliminating the need for members to download a separate application or open an account with another provider. The credit union said its members log in to its digital banking platforms more than one-million times monthly.
Already Using Solutions From Other Providers
“Many were already using pay-over-time apps with external providers. Now they can split purchases through 4Front, and see exactly what their purchasing power is with a credit union they own,” CEO Andy Kempf said in a statement.
4Front partnered with equipifi, a provider of buy now, pay later technology for financial institutions, to launch the service. The credit union said members will continue to receive support from its own staff.
“Primacy is earned in everyday decisions, including the moments when consumers decide how to pay,” equipifi founder and CEO Bryce Deeney said in the announcement.
4Front did not specify the interest rates, fees or repayment terms associated with the new installment plans in its announcement.
The credit union serves more than 100,000 members, has more than $1 billion in assets and operates 20 locations across Michigan, according to the institution. Membership is open to people who live, work, worship or conduct business in any of the state’s 83 counties.
