Mobile Payments Innovator Splitit Now Part of Magento’s Partner Program
We’ve heard a lot about Splitit in recent months, as the company continues to provide one of the most innovative mobile payments solutions we’ve seen in quite some time. Offering what amounts to financing at the point-of-sale—which we talked about at some length last week—Splitit is gaining ground as interested organizations bring it into play. It recently dropped word our way about a new move it’s made on this front, giving it access to a range of new customers thanks to a new connection with Magento.
Splitit is now part of the Magento Technology Partner program, which will give businesses who use Magento products—Magento is actually an Adobe company, so there should be plenty of users waiting therein—to put Splitit to work as part of their ordinary course of operations.
Thanks to the move, Splitit will be part of not only the Magento Open Source system, but also the Magento Commerce system, opening up the floodgates to a wider pool of end users. With Splitit in place, businesses can offer customers the option to split their payment—hence the name—into monthly payments instead of all at once.
Splitit CEO Brad Paterson commented “Magento has a strong and differentiated offering in the ecommerce marketplace and we’re excited to join its Technology Partner program. We look forward to offering our interest and fee-free installment payment solution to our joint merchants, helping to increase average order values while decreasing cart abandonment rates.”
Splitit has an excellent value proposition in the market. While it’s not exactly a magic bullet solution, Splitit can contribute to improved sales just about anywhere by removing one of the key objections customers have: price. It’s not $1,000, a business can say, it’s just $250 a month for four months. With Splitit picking up the slack, and probably charging a percentage to keep themselves profitable, businesses sell more and customers walk away happy. All of that available for what amounts to a download and system installation should be welcome to the end user.
There’s a clear value to Splitit, and by expanding, it’s making that value available to more users. That’s a plan that seldom has issues, and this time should be no different.