Splitit (ASX:SPT, OTCQX:SPTTY) and Everyware, a leading contactless payments and customer engagement solutions company, have agreed to a partnership to bring Splitit’s Installments-as-a-Service platform to Everyware’s Pay By Text platform eliminating consumer friction for mobile installments.
Everyware will integrate Splitit’s Installments-as-a-Service into its platforms to deliver an unprecedented mobile-first buy now, pay later (BNPL) solution with the least amount of friction for mobile payments. Splitit’s white-label experience provides a simple integration through its single-point API which includes network programs like Visa Installments. Any consumer credit card is automatically pre-qualified to use Splitit. There’s no application, interest or hidden fees and no changes to their credit report.
“Contactless payments and installment payments have followed a similar trajectory over the past few years. We saw a tremendous opportunity by combining the two. Splitit delivers minimal friction for mobile installment payments and an easy path to integrate with its API. We can offer a pre-funded BNPL solution embedded directly into our Pay By Text experience. Nothing in the market compares,” says Kevin Feagan, Chief Revenue Officer at Everyware. “On top of this, there are significant synergies between the industries that both companies support.”
For Everyware customers, offering mobile installments with Splitit will be as simple as turning on the feature in their Everyware portal. Splitit’s use of global credit card networks also mean merchants can easily add their service to new countries or regions through a single integration. As part of the partnership, the companies will jointly target key verticals where the joint service is an ideal fit like services, healthcare, home improvement and non-profit. The integration is expected to be completed by Q3 2022.
“Everyware has done a tremendous job answering the needs of mobile-first consumers by leading the way towards widespread adoption of pay by text. The addition of Splitit’s Installments-as-a-Service makes mobile payments even more powerful,” adds Colt McCutcheon, Chief Revenue Officer of Splitit. “Consumers love the convenience of both contactless payments and installments. However, only we can deliver high AOV installments without a long registration process required for originating a new consumer loan.”