SplitIt, a global payment technology solution that enables no-fee installments on credit card purchases, has announced a partnership with Stripe, a global technology company that builds economic infrastructure for the internet.
Stripe will serve as the payment facilitator for all new merchants who accept Splitit, making merchant acceptance of Splitit easier and faster to on-board and automating acceptance and movement of money.
Splitit is revolutionizing the way people pay and merchants accept payment. The technology allows consumers to pay in installments using the credit they already have, giving them complete control of their cash flow. Unlike other solutions, Splitit is not consumer financing - there is 0% interest, no application, no late fees and consumers get to collect and use their own credit card rewards. Splitit is the only installment solution with global reach.
Merchants that accept Splitit give their customers more flexibility in how they want to pay, and realize benefits that on average result in increase in sales, +80% increase in average order value, decrease in cart abandonment and decrease in returns. Splitit, headquartered in New York, currently works with hundreds of Internet Retailer's Top 500 merchants around the globe, with average purchasing price points ranging from $300-$1000.
The partnership with Stripe will help Splitit further accelerate its global reach and provide a better experience for merchants, including automating the on-boarding process for merchants to accept Splitit which previously was a manual process that took time and manpower. This partnership is the latest in a year of growth for Splitit. The company recently signed partnership deals with Shopify, Magento and Divido and continues to sign new merchant deals.