Pay-by-instalment service provider Splitit (ASX:SPT) reports it has signed a North American partnership agreement with ‘global-leader’ in secure payments, Worldline.
The company says the agreement with Worldline will deliver an integrated instalment payments solution, as well as re-selling Splitit through Worldline’s network of merchants and marketplaces across North America. Splitit also plans to explore further geographic expansion.
This partnership combines Worldline’s position as a preferred partner to many industry-leading merchants worldwide with Splitit’s instalments-as-a-service platform.
According to the company, the Splitit platform offers ‘one-click’ instalments embedded into the merchant’s existing checkout flow and reduces the clutter and confusion of multiple payment logos in the checkout. This ensures brand consistency while driving loyalty and repeat purchases for merchants.
Splitit reports the partnership became effective from 20 December and will remain in full force for an initial term of 36 months, and will be renewed automatically for an indefinite period until either party gives written notice of non-renewal at least 90 days prior to the end of the current term.
The company also states the economic materiality of the agreement with Worldline is unknown due to the variable nature of revenues which are dependent on merchant adoption of Splitit’s platform and the value of customer purchases using Splitit’s services.
Splitit is an instalments-as-a-service platform that allows consumers to buy products immediately and pay them back later using their existing credit card.
The company is based in Atlanta, and it has a research and development centre in Israel. It also has offices in London and Australia.