PayItSimple is extending the distribution of its installment payment technology by partnering with merchant services company North American Bancard (NAB).
The Israeli credit card installment provider offers a payment solution for e-commerce and brick-and-mortar merchants that allows them to offer instant and interest-free installments to their customers when they make purchases.
For customers, the credit card transaction is like any other and they can use their existing Visa and MasterCard cards. When they check out, they can choose a number of installments; PayItSimple will authorize the full amount on the credit card and schedule the payment collections.
More than 85% of shoppers that request an installment plan will receive one, the company said in a June 9 press release.
NAB processes more than $34 billion yearly for more than 250,000 businesses. Its front-end gateway, Velocity, will provide PayItSimple with the interface for merchants and customers.
Interest-free installment payments account for 35-57% of all credit card purchases in countries including Israel, Brazil, Turkey, Argentina, Greece and Mexico. PayItSimple, based in Herzliya, launched its U.S. operation last September and plans to integrate installment payments into U.S. retail.