Splitit, the only global payment platform that enables shoppers to pay installments via their credit cards, today announced it has joined GoDaddy’s growing #OpenWeStand movement as part of more than 70 brands that are contributing resources, tools and insights to help sustain entrepreneurs and small businesses during the COVID-19 crisis. In joining the movement, Splitit has pledged to offer small businesses access to more qualified consumers by breaking down barriers to payment and leveraging the credit they already have to make purchases.
“The public health crisis has wreaked havoc on countless small businesses, which have long been the lifeblood of our growing economy,” said Brad Paterson, CEO, Splitit. “We are proud to join with GoDaddy and #OpenWeStand to help small businesses get back on their feet and find creative solutions to keep their business open, even if their doors are closed due to COVID-19. By sharing our best practices, insights and information about our unique payment solution, we are committed to helping small business owners navigate the fast-changing world of payments and e-commerce.”
In order to stimulate commerce, small businesses must be able to offer shoppers the flexibility in payment terms allowing for greater control over personal cash flow planning, while being able to avoid overextending by using the credit they’ve earned. Splitit addresses this important small business need by enabling customers to pay for their purchases in installments, using their existing credit cards, all while saving the interest charges that would normally apply to an unpaid credit card balance. Using the patented installment payments platform provided by Splitit, small businesses can offer interest-free installment plans to their clients, who use their existing credit cards to make the payments. At the same time, Splitit offers small businesses themselves the opportunity to purchase the goods they need to keep their doors open to consumers without needing to take out loans or pay interest charges.
“The needs and dreams of everyday entrepreneurs are at the very heart of everything we do as a company,” said GoDaddy CMO Fara Howard. “We have a duty to provide entrepreneurs with access to the resources and community spirit they crucially need today. We’ve been encouraged by the response to #OpenWeStand and are excited to continue to grow this movement.”
Splitit’s participation in the #OpenWeStand movement includes hosting a Knowledge Center with informative tips, e-books and articles designed to strengthen e-commerce practices and offers from Splitit’s business partners to benefit small businesses and their workers. ReST smart mattresses is offering free, contactless delivery and a donation worth 10% of the net proceeds toward COVID-19 relief efforts on an easy ReST bed purchase, with code “comfort.” Splitit partner Fortuna will also offer 10 percent off on all career coaching services to help individuals navigate times of transition.
Splitit is the only global payment platform that enables shoppers to pay installments via their credit cards, by splitting credit card purchases into interest and fee-free monthly payments. Splitit’s consumer solutions enable merchants to offer their customers an easy way to pay for purchases in monthly installments with instant approval, decreasing cart abandonment rates and increasing revenue. Splitit Business Payments allows manufacturers and suppliers to provide buyers with an interest-free, installment credit solution for purchasing goods and services utilizing their existing credit cards. Serving many of Internet Retailer’s top 500 merchants, Splitit’s global footprint extends to 27 countries around the world. Headquartered in New York, Splitit has an R&D center in Israel and offices in London and Australia.