Splitit Payments Ltd (ASX:SPT), a leading global monthly instalment payment solution, today announced it has partnered with THG plc (THG), a global technology platform that specialises in taking brands direct to consumers, to offer its interest and fee-free monthly payment solution through THG Ingenuity, the Technology Services division of THG.
Splitit will provide THG’s global customers with the option to pay for purchases using their own credit with no additional fees. Splitit allows consumers to pay in instalments using the credit they already have, giving them complete control of their cash flow. Unlike other solutions, Splitit is not consumer financing – there is no interest, no application, no late fees and consumers get to collect and use their own credit card rewards.
Retailers that accept SplitIt are providing their customers with an easy and seamless way to pay for purchases, while also realising increased benefits themselves. On average, merchants that accept Splitit have seen an increase in sales and average order value, while also experiencing a decrease in returned purchases.
THG Ingenuity is THG’s proprietary, end-to-end technology and operating platform that has enabled the group to successfully build and scale its own global, D2C brands, including Myprotein, Lookfantastic and RY.com.au. THG Ingenuity is partnered with leading retailers across the globe, including Elemis, Lulu Guinness and BWX Ltd.
“THG is synonymous with some of the most prestigious brands in the beauty, wellness and luxury industries. This partnership shows how the most forward-thinking e-commerce retailers across the globe are looking for unique and innovative ways to empower and build loyalty with their customers. We look forward to working with THG to help their consumers spend the credit they’ve earned on their own terms,” said Brad Paterson, Splitit CEO.
John Gallemore, CEO of THG Ingenuity, said: “The agreement with Splitit will add further payment capabilities to our proprietary, end-to-end technology and operating platform THG Ingenuity, and provides our customers with even more payment opportunities to suit their needs.”