Splitit (ASX:SPT), the company empowering consumers to use their existing line of credit to pay in installments, announced a partnership with ChargeAfter, the leading global network of personalized buy now pay later (BNPL) and point-of-sale financing for merchants, adding Splitit to complement its existing portfolio of consumer financing offerings.
Splitit will be the first financing-free installment payment option available on the platform.
Merchants using ChargeAfter can now offer their shoppers Splitit, a more intuitive and flexible way to leverage the hard-earned credit on their existing credit cards to spread payments out over time. No applications, no fees and no hassle. Because Splitit rewards customers for their good credit, shoppers can easily take advantage of installment payments without adding another line of credit. At the same time, they continue to earn rewards points, cash-back or other benefits from their credit cards. The benefit for merchants offering Splitit is attracting and boosting conversion rates of higher-value customers. Splitit’s average order value (AOV) is over $1,000 -- four times higher than most other Buy Now, Pay Later alternatives.
“The partnership with ChargeAfter extends our reach introducing Splitit to even more merchants and shoppers,” notes Splitit CEO Brad Paterson. “Not every consumer is looking to open a new line of credit for the purchase and just want a smarter way to use the credit they have already earned. We serve this type of shopper by giving them the flexibility to use their existing credit cards to spread payments over time without additional fees.”
ChargeAfter is the market-leading BNPL network that connects retailers and lenders to offer consumers personalized point-of-sale financing options during shopping and at checkout from multiple lenders. Merchants on the ChargeAfter platform include leading iconic U.S .retailers across home appliances, furniture, mattresses, consumer electronics and automotive, amongst other verticals.
“ChargeAfter’s mission is to create the next wave of credit by providing BNPL financing, installments, and other alternative payment options made for every shopper, no matter their financial or banking history. Our new partnership with Splitit helps us further our goal of democratizing credit and providing our global merchant retailers with the very best point-of-sale consumer financing options and products available in a single platform,“ said ChargeAfter CEO Meidad Sharon. “Splitit’s easy installment product is a great addition to the ChargeAfter platform by enabling consumers to have more choice at checkout by dividing their purchase into easy, affordable and manageable installments using their credit card.”