Fintech Splitit and Everyware to Bring Installments to Pay By Text

Splitit (ASX: SPT) and Everyware, a 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 a … 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.”

As noted in the update, there’s “no application, interest or hidden fees and no changes to their credit report.”

Splitit and Everyware “bring Splitit’s Installments-as-a-Service platform to Everyware’s Pay By Text platform.”

Kevin Feagan, Chief Revenue Officer at Everyware, said:

“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. 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.”

Colt McCutcheon, Chief Revenue Officer of Splitit, said:

“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. 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.”

Launched by Larry Talley and Scott Orlinsky in 2015, Everyware is a contactless payments and customer engagement solutions company.

Everyware offers simple billing solutions “for organizations in a wide variety of industries helping companies collect payments and connect with customers, especially through text messaging, the ultimate contactless technology.”

The company helps clients “to boost revenue, reduce chargebacks and refunds, as well as improve customer service.”

There is “no other highly secure, mobile communication platform and payment gateway on the market that combines these tools to meet the demand.”

It is reportedly “the most straightforward, simple and scalable Pay by Text platform that has the capability to work alongside existing systems with easy integration.”

As noted in the announcement, Splitit powers “the next generation of Buy Now, Pay Later (BNPL) through its merchant-branded Installments-as-a-Service platform.”

Splitit is “solving the challenges businesses face with legacy BNPL while unlocking BNPL at the point of sale for card networks, issuers and acquirers all through a single network API.”

Splitit’s Installments-as-a-Service platform “mitigates issues with legacy BNPL like the declining conversion funnel, clutter at the checkout and a lack of control of the merchant’s customer experience while putting the power back in the hands of merchants to nurture and retain customers, drive conversion and increase average order value.”

Headquartered in New York, Splitit has “an R&D center in Israel and offices in London and Australia.”

Splitit is listed on the Australian Securities Exchange (ASX) under ticker code SPT.

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