LONDON--(BUSINESS WIRE)--Splitit Payments Ltd (ASX:SPT), a leading global monthly instalment payment solution, today announced it has partnered with THG plc (THG), a global technology platform that specialises in taking brands direct to consumers, to offer its interest and fee-free monthly payment solution through THG Ingenuity, the Technology Services division of THG.
Splitit will provide THG’s global customers with the option to pay for purchases using their own credit with no additional fees. Splitit allows consumers to pay in instalments using the credit they already have, giving them complete control of their cash flow. Unlike other solutions, Splitit is not consumer financing - there is no interest, no application, no late fees and consumers get to collect and use their own credit card rewards.
Retailers that accept SplitIt are providing their customers with an easy and seamless way to pay for purchases, while also realising increased benefits themselves. On average, merchants that accept Splitit have seen an increase in sales and average order value, while also experiencing a decrease in returned purchases.
THG Ingenuity is THG’s proprietary, end-to-end technology and operating platform that has enabled the group to successfully build and scale its own global, D2C brands, including Myprotein, Lookfantastic and RY.com.au. THG Ingenuity is partnered with leading retailers across the globe, including Elemis, Lulu Guinness and BWX Ltd.
“THG is synonymous with some of the most prestigious brands in the beauty, wellness and luxury industries. This partnership shows how the most forward-thinking e-commerce retailers across the globe are looking for unique and innovative ways to empower and build loyalty with their customers. We look forward to working with THG to help their consumers spend the credit they’ve earned on their own terms,” said Brad Paterson, Splitit CEO.
John Gallemore, CEO of THG Ingenuity, said: “The agreement with Splitit will add further payment capabilities to our proprietary, end-to-end technology and operating platform THG Ingenuity, and provides our customers with even more payment opportunities to suit their needs.”
THG is a vertically integrated digital-first consumer brands group, retailing its own brands, in beauty and nutrition plus third-party brands, via its proprietary technology platform to an online and global customer base. THG is powered by THG Ingenuity, its proprietary end-to-end e-commerce technology, infrastructure and brand building platform. THG Ingenuity: Provides an end-to-end direct-to-consumer e-commerce solution for consumer brand owners under Software as a Service licences, in addition to stand-alone digital services, including hosting, studio content and translation.
Splitit is a payment method solution enabling customers to pay for purchases with an existing credit card by turning 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 instalments 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 thousands of merchants in countries around the world. Headquartered in New York, Splitit has an R&D center in Israel and offices in London and Australia.