Checkout payment processor Catch wants to get shoppers to ditch buy now, pay later for the old-fashioned debit card.
Founded in 2020, Catch says the number of merchants it works with has more than doubled this year as it is gaining traction. Catch works with direct-to-consumer brands like Everlane, Lunya and Parade, and also recently added SoulCycle and PacSun.
Here’s how the service works: At the checkout page, shoppers are enticed by messages like “earn $2.46 by paying with Catch.” If they choose Catch as the payment option, they link their debit card or bank account to receive 10% of their purchase back in store credits for future use. Catch users can only redeem the accrued credits at the brand where they earned them.Modern Retail