Magento adds Splitit installment payments

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Splitit has partnered with Magento, the open-source e-commerce platform, enabling merchants to integrate Splitit’s monthly credit payment option into their checkout processes.

Merchants that use Magento will now be able to offer monthly payment plans to their customers, expanding the range of finance tools available to them, Splitit said in an April 3 press release. Splitit works with Visa and Mastercard credit cards.

“Our partnership with Splitit significantly changes how merchants have traditionally offered installment payments and financing,” Mark Lenhard, Magento’s senior vice president of strategy and growth, said in the release.

“We are happy to offer Magento merchants an easy way to boost sales and improve customer satisfaction by offering interest-free monthly payments at their checkout to customers,” added Gil Don, Splitit’s CEO, in the release.

Merchants using Splitit report higher sales, according to New York-based Splitit, which launched its online credit product in 2012.

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