BNPL service provider splitit enters professional services market with QuickFee
By Pavithra R
Splitit Payments, a global payment solutions provider that enables shoppers to pay installments via their credit cards, has announced a new partnership with QuickFee, a leading professional services payment provider.
Through the collaboration, Splitit is entering the professional services market, enabling law and accounting firms in the U.S. and Australia to offer installment payments on their credit cards to help firms and their clients pay over time and have easy access to accounting and financial advice.
The Buy Now Pay Later space is drawing increased traction across the globe. Splitit is offering a unique solution to businesses looking to assist their clients maximize the credit they’ve earned through responsible cash flow management. Similarly, QuickFee’s PayLater option provides professional service firms a way to ensure that they get paid within their terms, while allowing their clients to take up to twelve months to pay their invoices, at no extra cost to the firm.
“Splitit’s rapid growth in the Buy Now Pay Later space has allowed us to enter new and important markets, such as professional services, to bring the convenience and flexibility of our platform to this space. With more than 1,200 global professional service firms already using QuickFee and the opportunity to expand and target an additional 650,000 accounting and law firms in the US and Australia, we are excited to partner with the QuickFee team and work together to harness the collective power of our payment platforms to help professional services firms get paid faster, conveniently and at less cost,” said Brad Paterson, CEO of Splitit.
Splitit will be directly integrated to QuickFee’s payments portal, complementing the existing financing offering to clients and firms. The professional services firm will send its client an invoice, the client then selects the interest-free installment payment option and enter their credit card details to pay in 4 installments.
“We are hugely excited by the new partnership with Splitit. Having already achieved strong acceptance amongst professional services firms with our online payment portal and existing lending solutions, this new interest-free product allows QuickFee to capture a significantly greater share of the professional services market by providing payment plans to clients of smaller firms, by far the largest part of the market, that we would not normally service. Importantly, the interest-free product allows professional services firms to give clients the essential advice they need. The Splitit pre-authorisation technology means there is very low credit risk to QuickFee and the professional services firm,” said Bruce Coombes, CEO of QuickFee.
Recently, Splitit raised $71.5 mn in a private placement and share purchase plan.
Founded in 2012, Splitit’s patented technology enables e-commerce merchants to offer interest-free monthly installment payments to their customers at the point of sale. Splitit is currently used by over 1000 e-commerce merchants, and 309,000 shoppers with an Average Order Value (AOV) of $893.
IBSi Daily News Analysis
February 27, 2024
Saudi Arabia’s FinTech market poised for exponential growth: vision 2030 sparks innovation surgeRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage