LONDON–(BUSINESS WIRE) – Splitit Payments Ltd (ASX: SPT), a global leader in monthly payment solutions, announced today that it has partnered with THG plc (THG), a global technology platform specializing in bringing brands directly to consumers to pique their interest and free monthly payment solution through THG Ingenuity, the Technology Services division of THG.
Splitit offers THG’s global customers the ability to pay for purchases with their own credit at no additional charge. With Splitit, consumers can pay in installments with the credit they already have and thus have complete control over their cash flow. Unlike other solutions, Splitit is not consumer finance – there is no interest, no application, no late fees, and consumers can collect and use their own credit card rewards.
Retailers who accept SplitIt are providing their customers with an easy and seamless way to pay for purchases while realizing greater benefits themselves. Merchants who accept Splitit saw an average increase in sales and average order value, as well as a decrease in returned purchases.
THG Ingenuity is THG’s proprietary end-to-end technology and operations platform that has enabled the group to successfully build and scale its own global D2C brands such as Myprotein, Lookfantastic and RY.com.au. THG Ingenuity works with leading retailers around the world including Elemis, Lulu Guinness and BWX Ltd.
“THG is synonymous with some of the most renowned brands in the beauty, wellness and luxury industries. This partnership shows how the most forward-thinking ecommerce retailers around the world are looking for unique and innovative ways to empower their customers and increase their loyalty. We look forward to working with THG to help their consumers get the credit they deserve on their own terms, ”said Brad Paterson, CEO of Splitit.
John Gallemore, CEO of THG Ingenuity, said: “The agreement with Splitit will add more payment options to our proprietary end-to-end technology and operations platform, THG Ingenuity, and provide our customers with more payment options that meet their needs. ”
THG is a vertically integrated digital first consumer brand group that sells its own beauty and nutrition brands and third-party brands to an online and global customer base through its proprietary technology platform. THG is powered by THG Ingenuity, its proprietary end-to-end platform for e-commerce technology, infrastructure and branding. THG Ingenuity: Offers an end-to-end direct-to-consumer e-commerce solution for owners of consumer brands under Software as a Service licenses as well as stand-alone digital services such as hosting, studio content and translation.
Splitit is a payment method solution that enables customers to pay for purchases with an existing credit card by converting the cost into interest-free and fee-free monthly payments without additional registrations or applications. With Splitit, merchants can offer their customers an easy way to pay for purchases in monthly installments with instant approval, reducing shopping cart abandonment rates and increasing sales. Splitit’s global footprint, serving many of the internet retailer’s 500 largest distributors, extends to thousands of distributors in countries around the world. Splitit is headquartered in New York, research and development center in Israel and offices in London and Australia.