The solution is targeting Worldline’s extensive network of merchants and marketplaces, and the partnership combines the company’s position as a preferred partner to many merchants worldwide with Splitit's Instalments-as-a-Service platform to provide complementary value for both companies.
Splitit provides a white-label platform that enables the delivery of one-click instalments embedded within a merchant’s existing checkout flow. A Splitit and Worldline joint offering, the merchant-branded experience helps reduce clutter and confusion of a multitude of payment logos at checkout, helping ensure brand consistency while simultaneously driving loyalty and repeat purchases.
As per information provided in the press release, Worldline officials believe that the increase in merchant demand for next-generation instalment options brings forth a significant opportunity. The white-label instalment service that Splitit delivers offers consumers a method to utilise existing credit better to split the purchases’ cost while simultaneously enabling merchants to have increased control over the entirety of the experience. By collaborating with Splitit, Worldline aims to offer their customers value-added payment services that can be implemented in a quick and easy manner.
Splitit company representatives have added that the partnership brings forth an opportunity to have ‘considerable value’ delivered to Worldline’s both current and future customers, as the company processes billions of transactions globally for some of the most well-known brands in the world. As per the officials’ statement, their merchants will soon have the option to leverage an instalments service that furthers frictionless conversion through means of a white-label experience.
Instead of having new consumer loans originated, Splitit helps unlock existing consumer credit on payment cards for 0% interest, pay-over-time instalments. Any consumer that has credit available on their credit card is pre-qualified to use Splitit automatically, for the value of said available credit. Furthermore, there is no application, registration, or redirects, and there are no additional interest, hidden fees, or credit checks applied.
Earlier in December 2022, the company announced the launch of an in-house buy now, pay later (BNPL) solution to match the constantly growing customer demand for BNPL products within the travel sector. The service was made available through the company’s TravelHub payment solution in collaboration with travel payment provider Fly Now Pay Later.
Worldline activates within the payment industry and is a technology partner for merchants, banks, and acquirers. Operating in over 40 countries, the company aims to provide its clients with sustainable services that include in-store and online commercial acquiring, secure payment transaction processing, and other digital tools.
In North America, Worldline is a technology partner for software providers across more than 60 industries, offering services such as online payment processing, full service or gateway processing, recurring billing, and access to a robust set of APIs.
Splitit offers a merchant-branded Instalments-as-a-Service platform. The company aims to solve the challenges businesses face with legacy BNPL while simultaneously making BNPL available at the point of sale for card networks, issuers, and acquirers, through means of a single network API. Its platform mitigates issues with legacy BNPL such as declining conversion funnel, clutter at the checkout and a lack of control of the merchant's customer experience, while empowering merchants to retain customers, drive conversion, and increase average order value.
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