Credit Card News: Shopping

Selected cards: 0
Advertising Disclosure
Stripe and PayItSimple Team Up for Instant Installment Plans
11 Mar
Online payment provider Stripe has partnered with PayItSimple USA to offer consumers the ability to make purchases with instant no-interest installment payment plans during the checkout process.

Whether shopping online or in a store, customers can use PayItSimple along with their Visa or MasterCard credit card and still get all the benefits of using their card. Cash back, points and frequent flyer miles will still be added to the customer’s account when they check out using PayItSimple. Upon approval, the purchase amount will be divided into installments that the customer has the chance to approve before finalizing the payment.

How it works

When a PayItSimple transaction is initiated, PayItSimple authorizes the credit card payment by reserving the available credit on the card. They then collect the installment amount due each month by issuing the authorization request again. Merchants are paid in monthly installments, and can access payment tracking, fraud detection, and other information through the PayItSimple app.

There is no need to apply for a new credit card, access a new line of credit, or qualify for a credit account in order to use PayItSimple. However, people cannot use PayItSimple unless the merchant they are purchasing from uses the PayItSimple service.

The integration with Stripe means the company anticipates more retailers will be able to offer PayItSimple to their customers. “We are thrilled to be working so closely with Stripe,” said Eric Benayoun, vice president of product and operations at PayItSimple.

Merchants and consumers both benefit

For consumers, the benefit of using PayItSimple is to break payments into easier-to-manage amounts without incurring any interest charges. Using a credit card lets people pay off purchases over time, but unless there is a promotional 0% APR offer, interest will accrue. With PayItSimple, there is no charge and no interest for the installment payments.

There is also the added perk of being able to collect credit card rewards when using PayItSimple in combination with a Visa or MasterCard that offers cash back, points or miles.

For merchants, giving customers the option of paying with PayItSimple potentially means more satisfied customers, an increase in sales, higher-ticket purchases, and more reasons for customers to follow through on a large purchase. It’s a way of offering free financing to customers without having to manage the payment plans themselves. They do, however, pay a processing fee for using the service. The merchant, not the customer using PayItSimple, absorbs all fees.

“Being fully integrated with Stripe means that more and more merchants will be offering PayItSimple to their customers,” said Benayoun.


Read Also Related News

  • 28 May

    In the modern world, plastic seeks to replace cash. We are so accustomed to cards - credit and debit, that we try to pay with them wherever it is possible. Especially if we are to earn cashback, points or miles rewards for these...

  • 19 Nov

    Tis the season to spend money we may not have on things we may not need. As the winter holidays approach, many kids are preparing their letters to the North Pole and dreaming of the presents they hope will be under the tree on Christmas...

  • 23 Sep

    Rotating rewards credit cards are popular with consumers because every quarter, they offer bonus cash back in a different set of spending categories. Usually, this means extra rewards when spending on gas, at department stores, or when...

looking for a Credit CARD:
Credit One Bank®: Credit One Bank® Platinum Visa® with Cash Back Rewards
Apply Online
Qualified applicants will enjoy benefits including 1% cash back rewards on all purchases, no annual fee, and a competitive APR. Terms apply
The Bank of Missouri: Milestone® Mastercard® with Choice of Card Image at No Extra Charge
Apply Online
Prequalify for a card today and it will not impact your credit score
Horizon Card Services: Horizon Gold
Apply Online
Instant $500 Credit Line. No Credit Check.
Credit One Bank®: Credit One Bank® Platinum Visa® for Rebuilding Credit
Apply Online
See if you Pre-Qualify without harming your credit score
Want to Read News From Other Categories?
Your Money
Card Issuers

Customer Questions

  • About Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • 0 Selected Cards Compare