NEW YORK, May 24, 2022 /PRNewswire/ -- Splitit (ASX: SPT, OTCQX: SPTTY) and BlueSnap, a global payment orchestration platform committed to helping B2B and B2C businesses accept and optimize payments around the world, announced the companies are enhancing their existing relationship to elevate BlueSnap to Splitit's preferred processing partner, to simplify the buy now, pay later (BNPL) checkout experience and jointly target key verticals.
The collaboration provides added visibility and distribution for Splitit through BlueSnap's extensive network of mid-market and enterprise customers. BlueSnap's gateway and payment processing, which accounted for over $12 billion in charge volume, will support the processing of Splitit installments in all the countries and regions where BlueSnap operates. As part of the agreement, BlueSnap will be Splitit's preferred partner for processing installments for all joint and direct merchants.
The two companies are also working on a tight integration between Splitit's Installments-as-a-Service white-label BNPL platform and BlueSnap's All-in-One Payment Orchestration Platform to make offering installment payments as easy as toggling on the option in the BlueSnap merchant portal. The result will be an uncluttered, simplified experience embedded into the merchant's existing purchase flow. Splitit's use of global credit card networks also means merchants can easily add its service to new countries or regions through a single integration. The deep integration is expected to be completed by Q3 2022.
"We are excited to build on our relationship and invest in our future together by embedding Splitit's Installments-as-a-Service into such a high-growth and modern payment platform like BlueSnap," said Nandan Sheth, CEO of Splitit. "BlueSnap has done a phenomenal job supporting the global payment needs of mid-market and enterprise businesses. Our new integration will allow us to jointly go to market while cross-selling into the existing BlueSnap merchant base."
"The global growth of BNPL has our merchants looking for an embedded experience that does not require consumers to change behavior. The opportunity to leverage the strength of our mutual platforms, powering a true white-label BNPL option, to the forefront of our customer base is exciting," adds Ralph Dangelmaier, CEO of BlueSnap. "We are also excited that Splitit selected BlueSnap as its global payment processing partner for their direct business. This allows us to offer a fully integrated solution, reducing the complexity for our merchants."
Splitit's white-label installment plugin allows merchants to nurture and retain their customers, driving loyalty and promoting brand consistency on their terms. Splitit offers consumers a more responsible pay-later option without adding new debt or impacting their credit reports. Any consumer with the available balance on their credit card is automatically pre-qualified to use Splitit. There's no application, interest or hidden fees and no changes to their credit report, creating the least amount of consumer friction.
BlueSnap's All-in-One Payment Orchestration Platform helps businesses accept payments globally. The platform provides comprehensive back-end solutions that simplify the complexity of payments, managing the entire process from start to finish. With one integration and contract, businesses can sell in over 200 regions with access to local card acquiring in 47 countries, 100+ currencies and 100+ global payment types, including popular eWallets.
Merchants and partners wanting to take advantage of Splitit's Installments-as-a-Service can start today at www.splitit.com.
BlueSnap helps businesses accept global payments in a better way. Our All-In-One Payment Orchestration Platform is designed to increase sales and reduce costs for all businesses accepting payments. BlueSnap supports payments across all geographies through multiple sales channels such as online and mobile sales, marketplaces, subscriptions, invoice payments and manual orders through a virtual terminal. And for businesses looking for embedded payments, we offer white-labeled payments for platforms with automated underwriting and onboarding that supports marketplaces and split payments. With one integration and contract, businesses can sell in over 200 regions with access to local card acquiring in 47 countries, 100+ currencies and 100+ global payment types, including popular eWallets, automated accounts receivable, world-class fraud protection and chargeback management, built-in solutions for regulation and tax compliance, and unified global reporting to help businesses grow. BlueSnap is backed by world-class private equity investors, including Great Hill Partners and Parthenon Capital Partners. Learn more at BlueSnap.com.
Splitit powers the next generation of Buy Now, Pay Later (BNPL) through its merchant-branded Installments-as-a-Service platform. Splitit is solving the challenges businesses face with legacy BNPL while unlocking BNPL at the point of sale for card networks, issuers and acquirers all through a single network API. Splitit's Installments-as-a-Service platform mitigates issues with legacy BNPL like the declining conversion funnel, clutter at the 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 the easiest installment option for merchants to adopt, integrate and operate while delivering an uncluttered, simplified experience embedded into their existing purchase flow. Headquartered in New York, Splitit has an R&D center in Israel and offices in London and Australia. Splitit is listed on the Australian Securities Exchange (ASX) under ticker code SPT and also trades on the US OTCQX under ticker SPTTY (ADRs) and STTTF (ordinary shares).
Brian Blank, Splitit
+1 760 917 3321
5WPR on behalf of BlueSnap
+1 978 870 3598
SOURCE Splitit USA, Inc.
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