Rapyd has announced a partnership with Splitit, the global payments installments provider, in order “to allow merchants from all over the world to offer shoppers easy installment payments online.”
The partnership will aim to “bring Splitit’s Installments-as-a-Service platform to Rapyd’s extensive network of merchants and marketplaces, making it possible for businesses anywhere to adopt Splitit’s white-label, card-based installment platform, offering customers a quick checkout experience and the highest approval rates.”
Splitit claims it “powers the next generation of Buy Now, Pay Later (BNPL) through its merchant-branded Installments-as-a-Service platform.”
Now, with Rapyd, Splitit is “solving the challenges businesses face with legacy BNPL like the declining conversion funnel, clutter at 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.”
Splitit’s white-label BNPL is described as being “the easiest installment option for merchants to adopt, integrate and operate globally while delivering an uncluttered, simplified experience embedded into their existing purchase flow.”
Instead of originating new consumer loans, Splitit reportedly “unlocks existing consumer credit on payment cards for 0% interest, allowing consumers to pay for their purchase in convenient installments over time.”
Any consumer with available credit “on their credit card is automatically pre-qualified to use Splitit for the value of that available credit.”
By partnering with Rapyd, Splitit merchants will now be able to:
- Expand global reach: Rapyd enables merchants to accept payments from over 100 countries and send payout to over 190 countries
- Operate locally, think globally. Accept over 50 local e-wallets and get paid into virtual accounts in over 40 countries.
- Utilize more payout options. Send payouts using banks, cards, e-Wallets and cash across markets and currencies with improved settlement time
- Accept more payment methods: Accept bank transfers and redirects, cards, e-Wallets, cash and Virtual Accounts
- A screenshot of the Splitit app
As mentioned in the update, the partnership “supports Rapyd’s ongoing dedication to partner with companies that maximize payment options for our customers in the spirit of Rapyd’s vision to liberate global commerce.”
Rapyd’s Partnership Program is designed “to enable our partners to monetize fintech to grow their ARPU while meeting global growth ambitions.”
Rapyd provides “the only fintech partner program with an all-in-one stack of payment and fintech products, marketing resources and user support and resources.”
Available in over 100 countries, Rapyd makes it possible “to grow your revenue and platform capabilities to more users, customers and sellers anywhere you do business.”