Splitit offers a "buy now, pay later" service for US and European AliExpress buyers!

It is learned that Splitit, a US installment payment service company, has announced the launch of a "pay now, pay later" service for US AliExpress shoppers.

Splitit, an embedded white label platform that enables buyers to pay in installments using existing credit on bank-issued payment cards at checkout, has announced that it will expand the buy now, pay later service in the US, Germany, Spain, France, Italy, the Netherlands, the UK and Australia following the successful launch of the service in AliExpress Europe.

According to information detailed in the announcement, in Spain and Germany, Splitit has launched an installment payment service, in addition to the first-come, first-served installment service, allowing customers to pay in installments (3-6 months) on AliExpress.

Pay After Delivery is Splitit’s newest service, enabling consumers to pay after delivery through a custom branded experience embedded in the AliExpress checkout process. The flexible technology platform coupled with Checkout.com’s payment acquiring capabilities enable AliExpress shoppers to pay after delivery using their existing credit cards. In addition, Alipay is also a global payment solutions partner for AliExpress worldwide.

Splitit representatives expressed satisfaction with the results of the launch of the "pay now" and installment payment services with AliExpress, and further strengthened the partnership with Checkout.com. According to the statement, shoppers have a positive demand for buy now, pay later and installment payment, which not only helps improve the customer purchase experience but also helps build loyalty with merchants.

Splitit products and latest developments

Splitit powers the next generation of buy now, pay later (BNPL) through its merchant-branded instalment services platform, designed to address the challenges businesses face with traditional BNPL while unlocking BNPL at the point of sale for card networks, both issuers and acquirers operating through a single web API.

Splitit has made several developments public in 2023. In August 2023, Splitit received a $50 million growth commitment from US private equity firm Motive Partners to accelerate its growth and facilitate the execution of its strategic plan. In May, Splitit made two separate announcements, one focusing on a partnership with payment solution provider Atlantic-Pacific Process Systems (APPS) to provide ISOs, ISVs and payment service providers with an integrated card-based installment payment solution, and the other focusing on a partnership with Visa to provide merchants with an installment payment solution embedded in the credit card process.

In April of the same year, Splitit launched the SplititExpress solution, which completes checkout in two seconds and supports installment payments through GPay and ApplePay. It then cooperated with fintech Rapyd to help businesses provide installment payment services to shoppers.

Editor ✎Estella/

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