Splitit Payments Limited (ASX:SPT), a global payment solutions provider, today announces record Q3 earnings and exceptional year-over-year growth. As the go-to platform that uniquely empowers shoppers to maximize the value of their own earned credit, Splitit is continuing to see rapid adoption by both forward-thinking ecommerce brands and shoppers.
“As we head towards Q4, we are excited to report another record quarter with rapid growth. The continued uptick in merchant sales volume (MSV) and addition of new customers is further proof that today’s shoppers are turning to Splitit to better use their own earned credit,” said Brad Paterson, CEO of Splitit. “Especially now, we are pleased to offer shoppers a responsible installment payment solution, while at the same time, helping brands drive value by cost-effectively converting more site visitors into buyers.”
Splitit’s Merchant Sales Volume grew 214% from Q3 2019, with North America growing 200%. This growth is attributed to expansion in merchant acceptance, particularly larger merchants. Average order value grew to more than $1K, resulting in a 318% increase in revenue.
With the holiday season fast-approaching and ecommerce retailers seeking to differentiate and build brand loyalty with consumers, Splitit also announces self-onboarding, powered in part by the Stripe Connect partnership. Self-onboarding, which is now available to any US merchant, accelerates merchant acquisition by empowering companies to more quickly add Splitit and adopt installment payments.
“The availability of self-onboarding is a critical step toward achieving our goal of enabling any merchant that accepts credit cards to offer Splitit as a payment option, within minutes. This will enable rapid scaling to meet growing demand for Splitit’s card-based instalment solution globally,” said Paterson.
As further evidence of Splitit’s unique value proposition in the fast-growing Buy Now Pay Later space, Splitit added more merchants in Q3 than ever before.Leading brands that joined Splitit during the quarter included fitness brands Bianchi, Specialized, Bicycle Warehouse and Echelon Fitness; luxury brands The Hut Group, Fabergé; jewelry brands Frederique Constant and 77 Diamonds; audio brands Steven Slate Audio and Waves; mattress brands Eight Sleep, Silentnight and Puffy as well as HockeyShot, Snow Joe, Finance 4 Group, Tyresales and CrazySales. Splitit also marked its entry into the professional services market with its Quickfee partnership.
Splitit is currently used by more than 1400 e-commerce merchants.
Splitit is a payment method solution enabling customers to pay for purchases with an existing debit or credit card by splitting the cost into interest and fee free monthly payments, without additional registrations or applications. Splitit enables merchants to offer their customers an easy way to pay for purchases in monthly instalments with instant approval, decreasing cart abandonment rates and increasing revenue. Serving many of Internet Retailer’s top 500 merchants, Splitit’s global footprint extends to hundreds of merchants in countries around the world. Headquartered in New York, Splitit has an R&D centre in Israel and offices in London and Australia.