Jonice Gray Tucker discussed "Driving to one-click: The new point of sale" at the American Bar Association Business Law Virtual Section Meeting
While 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. Despite this point of sale financing evolution, roughly the same disclosure regime remains in place from forty years ago. As financing continues to integrate further with point of sale transactions, it remains pivotal that consumers are aware of when they are interacting with a bank (with consumer credit disclosures being the epitome of a consumer recognizing bank interaction) and when consumers are interacting with the retailer. In addition, there are myriad practical considerations such as: i) keeping the look and feel of the retailer’s sale strategy and platform; ii) reducing fiction on the path to final purchase, iii) the speed of credit approval; and the iv) types of credit that are, or should be, offered. Panelists discussed regulatory and business considerations applicable to point of sale financing.