Splitit (ASX:SPT), which claims to be the “only” white-label service allowing customers to pay by installments using their existing credit on their payment card at checkout, and Worldline (Euronext: WLN), a global firm focused on payment services, announce “the signing of a partnership agreement with Worldline to deliver an integrated card-based installment payments solution to Worldline’s extensive network of merchants and marketplaces.”
The partnership “combines Worldline´s position as a preferred partner to many merchants worldwide with Splitit’s innovative Installments-as-a-Service platform to drive complementary value for both companies.”
Worldline will initially “integrate Splitit into its North American processing platform and enable Splitit APIs via its front end to offer its merchants a seamless way to adopt card-based installments.” Worldline and Splitit will “continue to explore expansion into further geographies following the initial launch.”
Splitit and Worldline signed a partnership agreement “to simplify the adoption of next-gen, card-based installments.”
Splitit‘s white-label platform “delivers one-click installments embedded into the merchant’s existing checkout flow.” The merchant-branded experience, “jointly delivered by Splitit and Worldline, reduces the clutter and confusion of multiple payment logos in the checkout, ensuring brand consistency while driving loyalty and repeat purchases.”
Anthony Chalhoub, Managing Director, North America at Worldline, said:
“The growing merchant demand for next-generation installment options provides a significant opportunity. Splitit delivers a unique white-label installment service that provides consumers with a way to utilize existing credit better to split the cost of purchases while providing merchants more control over the entire experience. We want to enable our customers with value-added payment services that are quick and easy to implement, and Splitit provides that.”
Splitit CEO Nandan Sheth remarked:
“We are delighted to be partnering with Worldline. Our partnership provides an exceptional opportunity to deliver considerable value to Worldline’s current and future customers. Worldline processes billions of transactions globally for some of the most respected brands in the world. Their Merchants will soon be able to benefit from a best-in-class installment service that drives frictionless conversion through a white-label experience.”
Instead of originating new consumer loans, Splitit says it “unlocks existing consumer credit on payment cards for 0% interest, pay-over-time installments.”
Any consumer with available credit on their credit card is “automatically pre-qualified to use Splitit for the value of that available credit.” There’s reportedly “no application, registration or redirects and no additional interest, hidden fees or credit checks.”