Splitit and BlueSnap announce joint payment partnership to simplify buy now, pay later for the merchant community
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 Insallments-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.
Brian Blank, Splitit
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SOURCE Splitit USA, Inc.