Splitit Payments Ltd, an installment financing platform that offers no-fee installment payments on credit card purchases into small monthly payments, announced a deal with Stripe to become the payment facilitator for all new merchants.
Unlike many other financing plans there are no fees, no application process, no late charges and consumers get to collect and use their own credit card rewards. Splitit, which trades on the Australian Stock Exchange, says it is the only such installment program with global reach.
“With Stripe, we are able to not only immensely grow our capabilities to accelerate growth, but continue to reinforce our commitment to providing the best possible merchant experience for installment payments,” Brad Peterson, CEO of Splitit, said in a company release. “What once took weeks and the help of many team members will eventually be fully automated to take just hours and eventually minutes.”