NY-based PayItSimple USA has invaded the UK. The service lets consumers simply and easily charge any purchase on existing general purpose credit cards and pay it back in monthly, interest free installments.
In the UK, credit cards are one of the preeminent forms of payment for both brick & mortar and online goods and services. Credit cards offer convenience and security to consumers while providing merchants with payment warranty once the transaction is approved. It is estimated that in the UK alone, there are over 61 million credit cards being accepted by over 1 million merchants.
PayItSimple supports an omnichannel shopping experience and is available for ecommerce, brick and mortar, mobile wallet and all other payment platforms. The merchant benefits of offering PayItSimple include increased conversion rates, higher average ticket size, lower barriers to purchase and less dependency on sales or promotions, without any additional merchant risk than a regular credit card transaction.
With easy access to interest-free installment payments, consumers now have a smarter way to buy the products and services they need and want, without the need to pay high interest rates, qualify for a new credit line, face long layaway delays or go through a lengthy credit application processes; PayItSimple provides consumers with greater financial freedom and empowers them to better manage their expenses.
PayItSimple enables both e-commerce and brick & mortar merchants to offer interest-free monthly installment payments to their customers at the point of sale. Customers do not have to apply for a new credit line or qualify for a new credit card. PayItSimple works on their existing credit cards so customers also enjoy all of their regular credit card benefits such as points, cash-back and mileage.
For merchants, having this additional payment option could mean increased conversion rates, higher average tickets, increased customer satisfaction and reduced barriers to purchase. ISOs and agents enjoy improved merchant acquisition and retention, increased credit card volume and increased revenue via a share of PayItSimple fees.
For data, background and forecasts on PayItSimple USA: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).