Splitit Partners With Magento
Splitit, the leading credit card monthly payment solution has some interesting news in the form of a lucrative partnership, or at least they hope it will be.
Splitit has teamed up with Magento as a Select Technology partner to offer their solutions to the Magento ecosystem.
Merchants utilizing Magento will soon be able to seamlessly integrate Splitit’s payment tool into their checkout process. Splitit allows retailers to instantly offer monthly payment plans to their customers directly at checkout. Splitit works on existing Visa and MasterCard credit cards so customers enjoy all of their regular credit card benefits including points, cash-back, and air miles without filling any application or credit check.
Retailers will be thrilled with the increased conversion rates, higher average order values, decreased cart abandonment, and increased customer satisfaction without any substantial risk that they don’t already have with regular credit card transactions.
“Our partnership with Splitit significantly changes how merchants have traditionally offered installment payments and financing” said Mark Lenhard, Senior Vice President of Strategy and Growth at Magento. “Offering a pay over-time solution is very important to many of our merchants, the addition of Splitit’s simplified existing credit card monthly payment system gives our merchant’s such a solution without the need for the customer to apply for additional credit significantly increasing customer satisfaction”
“We are happy to offer Magento merchants an easy way to boost sales and improve customer satisfaction by offering interest-free monthly payments at their checkout to customers,” said Gil Don, CEO of Splitit. “With online sales at an all-time high, it’s imperative that merchants optimize their eCommerce businesses to meet consumer demand, which we have found to be increasingly more in favor of installment payments over other traditional incentives such as discounts and free shipping.”
Merchants leveraging Splitit report an average increase of 20 percent in overall sales within the first two months of implementation and consumers enjoy improved cash flow management and an increase in purchasing power.
“Since first offering Splitit to customers, GlassesUSA.com has seen a 12% increase in high order value sales. Additionally, check out abandonment rate has decreased by more than 10%. Daniel Rothman, CEO of GlassesUSA.com (Based on Magento platform).