Quickly following Splitit’s announcement of two three-year partnerships, with BlueSnap and iPay88, the installment payment provider will expand reach to Magento’s client list of more than 250,000 merchants. Splitit serves retailers in 27 countries around the world.
The Magento portfolio touts various omnichannel solutions that “empower its merchants to deliver on their experience-driven commerce vision.” Other companies within the Magento portfolio include DHL, Pay Pal, Flow Commerce and Square.
“Magento has a strong and differentiated offering in the e-commerce marketplace and we’re excited to join its Technology Partner Program,” said Brad Paterson, chief executive officer of Splitit. “We look forward to offering our interest and fee-free installment payment solution to our joint merchants, helping to increase average order values while decreasing cart abandonment rates.”
The Splitit extension will offer Magento Open Source and Magento Commerce Splitit’s installment payment solutions. When downloaded, the extension allows merchants to go live with the payment method using a drop-down menu in Magento’s admin.
Splitit experienced a profitable holiday season seeing a rise in unique shoppers over the 2019 four-day Thanksgiving weekend. Partnering merchants saw 83 percent growth in sales on a year-over-year basis for the weekend alone. Following the weekend, the company told WWD they expected sales to normalize in January.
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