Dive Brief:
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Splitit, an installment payment platform, partnered with Stripe, the digital financial transaction infrastructure company, to integrate Splitit's service with Stripe Connect, the startup announced Tuesday.
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Splitit's Stripe Connect integration will roll out in the latter half of 2020 in the United States, the United Kingdom, Canada and Australia, all of which are key markets for the company, according to a company press release.
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The partnership will ease the onboarding process for merchants seeking to sign up for Splitit's service and thus help the company scale quickly, the company said. The integration will also allow the payments platform to accept more currencies, improve its reporting tools and automate the movement and acceptance of money for funded transactions.
Dive Insight:
As part of the partnership, Splitit will pay a small percentage of each transaction process through Stripe Connect to Stripe. According to Brad Paterson, Splitit's CEO, the partnership with Stripe is aimed at attracting more merchants and thus drawing in more customers.
"With Stripe, we are able to not only immensely grow our capabilities growth but continue to reinforce our commitment to providing the best possible merchant experience for installment payments," Paterson said in a statement. "What once took weeks and the help of many team members will eventually be fully automated to take just hours, eventually minutes."
Other installment payments platforms have collaborated with like-minded companies and retailers to reach more customers, and improved their technological infrastructure. Affirm, another payments platform, partnered with Walmart last March to allow shoppers to pay off their purchases in installments.
Klarna appeared to adopt both strategies by introducing its consumer-facing app last May and announced partnerships with Toms and Asos last August.
