SYDNEY & NEW YORK--(BUSINESS WIRE)--Splitit Payments Ltd., a global payment solutions provider, today announced a new partnership deal with QuickFee, a leading professional services payment provider, that currently processes $300M in payments in this sector. This partnership marks Splitit’s entry into the professional services market, allowing accounting and law firms in the US and Australia to offer installment payments on their credit cards to help firms and their clients pay over time and more easily access accounting and financial advice.
As the Buy Now Pay Later space continues to expand across the globe, Splitit offers a unique solution to businesses looking to help their clients maximize the credit they’ve earned through responsible cash flow management. Similarly, QuickFee’s PayLater option provides professional service firms a way to make sure they get paid within their terms, while allowing their clients to take up to 12 months to pay their invoices, at no cost to the firm. Clients enjoy the flexibility of monthly installments over a period that suits their cash flow – and the firm gets paid up-front and in full.
“Splitit’s rapid growth in the Buy Now Pay Later space has allowed us to enter new and important markets, such as professional services, to bring the convenience and flexibility of our platform to this space,” said Brad Paterson, CEO of Splitit. “With more than 1,200 global professional service firms already using QuickFee and the opportunity to expand and target an additional 650,000 accounting and law firms in the US and Australia, we are excited to partner with the QuickFee team and work together to harness the collective power of our payment platforms to help professional services firms get paid faster, conveniently and at less cost.”
The new service will be available for QuickFee’s existing and new customers to opt-in to in the coming weeks. Splitit will be integrated directly to QuickFee’s payments portal, complementing the existing financing offering to clients and firms. The professional services firm sends its client an invoice, the client selects the interest-free installment payment option and enters their credit card details to pay in four installments.
“We are hugely excited by the new partnership with Splitit,” added Bruce Coombes, CEO of QuickFee. “Having already achieved strong acceptance amongst professional services firms with our online payment portal and existing lending solutions, this new interest free product allows QuickFee to capture a significantly greater share of the professional services market by providing payment plans to clients of smaller firms, by far the largest part of the market, that we would not normally service. Importantly, the interest free product allows professional services firms to give clients the essential advice they need. The Splitit pre-authorisation technology means there is very low credit risk to QuickFee and the professional services firm.”
Splitit is currently used by more than 1000 e-commerce merchants. A full list of merchants that offer Splitit can be found here.
Splitit is a payment method solution enabling customers to pay for purchases with an existing debit or credit card by splitting the cost into interest and fee free monthly payments, without additional registrations or applications. Splitit enables 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. Serving many of Internet Retailer’s top 500 merchants, Splitit’s global footprint extends to hundreds of merchants in countries around the world. Headquartered in New York, Splitit has an R&D centre in Israel and offices in London and Australia.
QuickFee Australia was founded in 2009 and developed a unique payment gateway for Australian accounting and law firms allowing them to accept monthly payment plans where clients of professional services firms obtain finance online from QuickFee to facilitate payments to the firm in full.
Following the success of QuickFee Australia, QuickFee was established in the US in 2016 as a separate operating entity to pursue opportunities in the much larger market in the US where no direct competitor exists.
In July 2019, QuickFee Australia and QuickFee US became wholly owned by QuickFee Limited and completed an IPO on the ASX.