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PayItSimple unveils credit card payment solution in the US


PayItSimple, a new service that lets consumers charge any purchase on their existing credit cards and pay it back in monthly, interest free installments, has launched in the United States.

PayItSimple supports an omnichannel shopping experience and is available for e-commerce, brick-and-mortar, mobile and all other payment platforms.

The merchant benefits of offering PayItSimple include increased conversion rates, higher average ticket size, lower barriers to purchase and greater overall customer satisfaction, without any additional merchant risk than a regular credit card transaction, according to the company.

"The benefits of interest-free credit card installment payments are clearly demonstrated in the European and South American countries where this capability already exists," said Stacy Fassberg, PayItSimple's VP of marketing. "Local official sources estimate that some 30-51% of all credit card transactions in these countries are by way of installment payments, indicating the wide acceptance of the process by both merchants and consumers alike and the huge potential for this service. Based on the above estimate of today's volume of credit card transactions in the US, a very conservative take up of only 10% would produce a market potential of $230 billion."

The PayItSimple service is added to the merchant's cash register or e-commerce site via a downloadable application. When the consumer is ready to pay via credit card, either the merchant or customer chooses the PayItSimple option and selects the number of monthly installments requested by the customer.

Authorization processes are carried out automatically by the PayItSimple system and the merchant's payment is fully secured at all times by the authorizations received from the credit card company. PayItSimple automatically schedules and generates installment transactions on the customer's existing credit card, handles their authorization and ensures their collection.

The PayItSimple service was designed based on research conducted with more than 900 US consumers and merchants.

PayItSimple currently works on all US-issued Visa and MasterCard credit cards.

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