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PayItSimple USA Inc. Introduces New Credit Card Payment Solution to the United States
Enables instant interest-free installments on existing credit cards, with no credit application or registration
NEW YORK, September 23, 2014 /PRNewswire/ --
PayItSimple, a new service that lets consumers simply and easily charge any purchase
on their existing credit cards and pay it back in monthly, interest free installments,
today announced their official launch in the United States.
Credit cards are the preeminent form of payment in today's commercial world, offering
convenience and security to consumers while providing merchants with payment warranty once
the transaction is approved. It is estimated that in the US alone, there are over 610
million credit cards at the disposal of 181 million people. According to Nilson Report,
credit card transactions account for $2.3 trillion annually and are expected to grow a
further 33% by 2017.
"The benefits of interest-free credit card installment payments are clearly
demonstrated in the European and South American countries where this capability already
exists," said Stacy Fassberg, PayItSimple's Vice President of Marketing. "Local official
sources estimate that some 30-51% of all credit card transactions in these countries are
by way of installment payments, indicating the wide acceptance of the process by both
merchants and consumers alike and the huge potential for this service. Based on the above
estimate of today's volume of credit card transactions in the US, a very conservative take
up of only 10% would produce a market potential of $230 billion."
PayItSimple supports an omnichannel shopping experience and is available for
ecommerce, brick and mortar, mobile and all other payment platforms. The merchant benefits
of offering PayItSimple include increased conversion rates, higher average ticket size,
lower barriers to purchase and greater overall customer satisfaction, without any
additional merchant risk than a regular credit card transaction. With easy access to
interest-free installment payments, consumers can now buy products and services that were
previously unaffordable, without the need for new credit line qualifications, layaway
delays or lengthy credit application processes; PayItSimple provides consumers with
greater financial freedom and empowers them to better manage their expenses. Over 95% of
installment plans are approved, which is significantly higher than other deferred payment
options.
The PayItSimple service is added to the merchant's cash register or ecommerce site via
a downloadable application. When the consumer is ready to pay via credit card, the
merchant/customer chooses the PayItSimple option and selects the number of monthly
installments requested by the customer. PayItSimple is an intermediate step between any
merchant and their existing payment gateway.
PayItSimple's patented technology is revolutionizing the credit card industry by
enabling instant consumer financing without assuming any credit risk. Authorization
processes are carried out automatically by the PayItSimple system and the merchant's
payment is fully secured at all times by the authorizations received from the credit card
company. PayItSimple automatically schedules and generates installment transactions on the
customer's existing credit card, handles their authorization and ensures their collection.
The PayItSimple service was designed based on research conducted with over 900 US
consumers and merchants. When evaluating the PayItSimple service, almost 60% of consumers
said they would be more likely to purchase an item if the PayItSimple option was available
at checkout and almost 80% of merchants stated that they would be interested in offering
the service to their customers.
PayItSimple currently works on all US-issued Visa and MasterCard credit cards.
About PayItSimple
PayItSimple is revolutionizing the credit card industry by extending the ability to
offer interest-free consumer credit with securitization, just like a regular credit card
transaction, to all sizes of merchants/retailers. PayItSimple USA Inc. was founded by
veterans of the finance and retail industries. The PayItSimple product has been patent
protected in the United States since 2012.
For more information, please visit http://www.payitsimple.com
Contact:
Stacy Fassberg
Stacyf@payitsimple.com
Office: +1-914-294-3507
Mobile: +972-544-234-976
PayItSimple USA Inc.
PayItSimple USA Inc. Introduces New Credit Card Payment Solution to the United States
Enables instant interest-free installments on existing credit cards, with no credit application or registration
NEW YORK, September 23, 2014 /PRNewswire/ --
PayItSimple, a new service that lets consumers simply and easily charge any purchase
on their existing credit cards and pay it back in monthly, interest free installments,
today announced their official launch in the United States.
Credit cards are the preeminent form of payment in today's commercial world, offering
convenience and security to consumers while providing merchants with payment warranty once
the transaction is approved. It is estimated that in the US alone, there are over 610
million credit cards at the disposal of 181 million people. According to Nilson Report,
credit card transactions account for $2.3 trillion annually and are expected to grow a
further 33% by 2017.
"The benefits of interest-free credit card installment payments are clearly
demonstrated in the European and South American countries where this capability already
exists," said Stacy Fassberg, PayItSimple's Vice President of Marketing. "Local official
sources estimate that some 30-51% of all credit card transactions in these countries are
by way of installment payments, indicating the wide acceptance of the process by both
merchants and consumers alike and the huge potential for this service. Based on the above
estimate of today's volume of credit card transactions in the US, a very conservative take
up of only 10% would produce a market potential of $230 billion."
PayItSimple supports an omnichannel shopping experience and is available for
ecommerce, brick and mortar, mobile and all other payment platforms. The merchant benefits
of offering PayItSimple include increased conversion rates, higher average ticket size,
lower barriers to purchase and greater overall customer satisfaction, without any
additional merchant risk than a regular credit card transaction. With easy access to
interest-free installment payments, consumers can now buy products and services that were
previously unaffordable, without the need for new credit line qualifications, layaway
delays or lengthy credit application processes; PayItSimple provides consumers with
greater financial freedom and empowers them to better manage their expenses. Over 95% of
installment plans are approved, which is significantly higher than other deferred payment
options.
The PayItSimple service is added to the merchant's cash register or ecommerce site via
a downloadable application. When the consumer is ready to pay via credit card, the
merchant/customer chooses the PayItSimple option and selects the number of monthly
installments requested by the customer. PayItSimple is an intermediate step between any
merchant and their existing payment gateway.
PayItSimple's patented technology is revolutionizing the credit card industry by
enabling instant consumer financing without assuming any credit risk. Authorization
processes are carried out automatically by the PayItSimple system and the merchant's
payment is fully secured at all times by the authorizations received from the credit card
company. PayItSimple automatically schedules and generates installment transactions on the
customer's existing credit card, handles their authorization and ensures their collection.
The PayItSimple service was designed based on research conducted with over 900 US
consumers and merchants. When evaluating the PayItSimple service, almost 60% of consumers
said they would be more likely to purchase an item if the PayItSimple option was available
at checkout and almost 80% of merchants stated that they would be interested in offering
the service to their customers.
PayItSimple currently works on all US-issued Visa and MasterCard credit cards.
About PayItSimple
PayItSimple is revolutionizing the credit card industry by extending the ability to
offer interest-free consumer credit with securitization, just like a regular credit card
transaction, to all sizes of merchants/retailers. PayItSimple USA Inc. was founded by
veterans of the finance and retail industries. The PayItSimple product has been patent
protected in the United States since 2012.
For more information, please visit http://www.payitsimple.com
Contact:
Stacy Fassberg
Stacyf@payitsimple.com
Office: +1-914-294-3507
Mobile: +972-544-234-976
PayItSimple USA Inc.