Splitit, a credit-based payment system, has teamed up with Magento to enable merchants to offer credit card based monthly payment solution to their customers.
Under the terms of the agreement, Magento’s merchants can integrate Splitit's payment tool into their checkout process that will allow them to immediately provide monthly payment plans to customers directly at checkout.
Working on existing Visa and MasterCard credit cards, Splitit allows customers to avail all of their regular credit card benefits such as points, cash-back and mileage without filling any application or credit check.
Magento senior vice president of strategy and growth Mark Lenhard said: “Our partnership with Splitit significantly changes how merchants have traditionally offered installment payments and financing.
“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."