Splitit (ASX:SPT, OTCQX:SPTTY), the only white-label service allowing customers to pay by installments using their existing credit on their payment card, and Atlantic-Pacific Processing Systems NV, Corp. (APPS), a leading North American payment solutions provider, today announced they have partnered to deliver an integrated card-based installment payments solution.
The partnership will create many new buy now pay later (BNPL) options for merchants to access as part of APPS white-label acquiring programs for ISO's, ISV's and Payment Facilitators.
Splitit's Installments-as-a-Service (IaaS) platform will be embedded into APPS's suite of white-label booking, boarding tools, API's and merchant facing front-end acceptance tools. This will allow merchants to easily add one-click installments to their checkout, as well as provide a simple solution for ISO's, ISV's and Payment Facilitators to offer this service to their customers. APPS provides solutions to merchants of all sizes, including enterprise partners with worldwide names, philanthropic institutions and third-party software providers, as well as ISO's and ISV's who require customized payment processing solutions, designed to meet their needs.
"We are delighted to partner with APPS to offer their enterprise clients, ISO's, ISV's and integrated accounting solutions Splitit's best-in-class white-label experience," said Nandan Sheth, CEO, Splitit. "This partnership demonstrates the strength of Splitit's distribution-led strategy as it serves ISV's in the automotive, healthcare, education, and furniture industries."
APPS will also add Splitit into Olympus, its proprietary back-end settlement platform. Olympus supports several industry front-ends and allows for advanced interchange and settlement reporting; data optimization; data analytics; directed funding; and merchant management tools. It will also be added into other acquiring front-end checkouts that could benefit from the opportunity to access BNPL designed to meet the needs of today's ISO, ISV and Payment Facilitation providers.
"Splitit is the ideal complementary solution to offer our ISO's, BIN's, and ISV Payment Facilitation partners," said Brent Gephart, Chief Innovation Officer, APPS. "This partnership will allow them to maintain their merchant relationships while providing a frictionless BNPL program which any customer may apply to any transaction at check out. Together, we can bring a new BNPL program to market for any ISO or ISV to use with their existing acquiring program, expanding this underserved group of merchants' ability to sell their products to customers who may be otherwise burdened by rising costs."
In addition, APPS and Splitit will bring several programs to market:
Splitit will be added into APPS's private branded enterprise and ISV platform which allows quick to market semi-integrated API's with full VPOS UI, with CNP and EMV Terminals, including convenience fee, discounting, custom invoice creator, ERP plugins, email and text invoicing, customer payment portals, merchant funding and billing, and merchant location and sub merchant management.
Splitit will be integrated into APPS QuickBooks SaaS, Basic, Pro, Enterprise and POS integrations, Sage 50 and 100, and many others.
APPS ERP and Accounting Integrations platforms will be augmented with Splitit's Installments-as-a-Service platform.
Leo Daboub, Chief Revenue Officer at APPS added "We are honored to welcome Splitit to the APPS family of strategic partners. APPS is a perfect match for Splitit's Installments-as-a-Service platform and will empower our Agents, ISO's, ISV's and Payment Facilitators to grow their margins with their clients, an important differentiator for APPS. We look forward to a long and prosperous relationship with Splitit and are excited about adding this important service to our line of merchant processing solutions."