Splitit instant finance solution now available to Divido's network of over 1000+ retailers, banks and partners
LONDON, Oct. 14, 2019 /PRNewswire/ -- Divido, the white label platform for point-of-purchase finance which is licensed by retailers and lenders, today announces a new partnership with Splitit Payments Ltd. (ASX:SPT), a leading global monthly instalment payments solution business. The partnership will see Divido offer Split's monthly instalment payment solution to its customers.
Divido and Splitit join forces to bring greater choice and flexibility to multinational retailers
With the changing landscape and ever-increasing shift towards a digital economy, retailers are having to become smarter in the way they interact with consumers, and offering a diversified payment experience is a crucial part of this. Earlier this year, Divido's research, The Spending Index: Big Ticket Edition, revealed that 60% of consumers would remain loyal to a retailer if the payments process was effortless, while a third of UK shoppers state that they view paying by finance as a convenient way to spread the cost of payments.
Divido and Splitit's new partnership addresses the desire from multinational retailers and consumers to have greater choice and flexibility at the checkout. The partnership brings the option of instalment payments to a greater number of multinational retailers. Splitit's omnichannel and cross-border instalment solution is available as an additional payment method for Divido merchants and customers initially in the UK and U.S.
"The fast-evolving nature of the retail industry means that point-of-sale finance is now seen as a hygiene factor for multinational retailers around the world," said Christer Holloman, CEO and co-founder, Divido. "Working with Splitit via our lending platform, through one single integration we're able to extend our reach even further and serve the instalment needs of even more multinational retailers and end-consumer around the world."
Divido and Splitit continue to disrupt the global lending landscape
For businesses looking to grow their existing revenue and provide finance to a greater number of retailers, Divido is the ideal technology partner. By joining Divido's lending platform, Splitit is able to offer flexible instalment payments to a host of new multinational retailers.
Occurring via Divido's lending platform, at the checkout, customers simply select the period of time they would like to pay via monthly instalments and enter their card details. The first instalment is taken right away, and every subsequent month, Splitit will withdraw the monthly instalment amount.
Brad Paterson, Splitit's CEO said, "We are very excited to partner with Divido, a fellow pioneer in point-of-sale customer finance. Working together will deliver Divido's customers the added value of our seamless solution and expand our access to a greater number of merchants, helping us provide payment flexibility to more retailers and consumers worldwide."
Divido is a global white-label platform for retailers, lenders and payment intermediaries that want to offer point-of-purchase finance to consumers; either to improve what they have or introduce it for the first time.
Retailers license the platform to aggregate and proactively manage multi-lender and finance product performance in one or more countries to increase appeal, accept rates and conversion.
Lenders license the platform so they can protect and grow existing retailer relationships, neutralising the threat from new entrants in the space without having to build or maintain any of the front-end technology in-house.
Payment intermediaries license the platform to complement their existing payment options, get global coverage and increase the overall volume they process.
Divido has been facilitating transactions since 2015, is currently live in 10 countries and has been licensed by 1,000+ retailers, lenders and payment intermediaries such as BMW, BNP and Shopify. The company employs 75 people across three offices in North America and Europe.
Backed by Mastercard and American Express Ventures in its latest funding round, the company has a vision to become the world's largest platform for point-of-purchase finance. Divido has been recognised by Google, Forrester and the U.K. Government as leading innovation in the finance and retail industries. To learn more about Divido, visit divido.com.
Splitit is a payment method solution enabling customers to pay for purchases with an existing debit or credit card by splitting the cost into interest and fee-free monthly payments, without the need for additional registrations or applications. Splitit enables merchants to offer their customers an easy way to pay for purchases in monthly installments with instant approval, decreasing cart abandonment rates and increasing revenue. Serving many of Internet Retailer's top 500 merchants, Splitit's global footprint extends to over 400 merchants in 27 countries around the world. Headquartered in New York, Splitit has an R&D center in Israel and offices in London, Sydney, and Melbourne.
PR Manager, Divido