Splitit partners with ChargeAfter to bring credit card-based installment option to global BNPL portfolio
By Pavithra R
Splitit Payments, a global payment solutions provider that enables shoppers to pay instalments via their credit cards, has announced partnering 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.
The collaboration enables merchants using ChargeAfter to offer their shoppers Splitit, a more intuitive and flexible way to leverage the credit on their existing credit cards to spread payments out over time. Because Splitit rewards customers for their good credit, shoppers can take advantage of installment payments without adding another line of credit. They can also continue to earn rewards points, cash-back or other benefits from their credit cards. Merchants offering Splitit can enjoy various benefits and boost conversion rates of higher-value customers.
“The partnership with ChargeAfter extends our reach introducing Splitit to even more merchants and shoppers. 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,” said Splitit CEO Brad Paterson.
ChargeAfter is a market-leading platform that connects retailers and lenders to offer consumers personalized Point of Sale Financing options at checkout from multiple lenders. Its platform was founded with the goal to help every consumer access fair, and obtainable financing options tailored to their unique needs. Merchants on the its platform include leading U.S .retailers across home appliances, mattresses, consumer electronics, furniture, and automotive, amongst other verticals. Splitit will be the first financing-free installment payment option available on the platform.
“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. 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,” said ChargeAfter CEO Meidad Sharon.
Founded in 2012, Splitit’s patented technology enables e-commerce merchants to offer interest-free monthly instalment payments to their customers at the point of sale. Its vision is to be a leading provider of interest-free, card-based instalment payment solutions for merchants and shoppers worldwide.
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