Merchants using the Shopify e-Commerce platform will now be able to offer interest-free installment payments on purchases via a plugin from Splitit. Shopify’s retailers, which total more than 275,000 companies in 150 countries, can integrate the Splitit payment tool into their checkout processes, allowing consumers to split purchases into monthly transactions on their existing Visa and MasterCard credit cards.
Splitit plugins are already available on e-Commerce platforms including WooCommerce and Magento. Merchants that offer an installment payment option report an average increase of 20% in overall sales, according to a company statement.
“With online sales at an all-time high, it’s imperative that merchants optimize their e-Commerce businesses to meet consumer demand,” said Gil Don, CEO of Splitit in a statement. “We have found consumers to be increasingly more in favor of installment payments over other traditional incentives such as discounts and free shipping.”