Installment Billing Provider Gets $10 Million in New Funding
May 19, 2015
PayItSimple , a provider of installment-billing technology, today announced at the CNP Expo in Orlando it has secured a new round of funding totaling $10 million from New York City-based Simpel Management. The Israeli company’s platform leverages the unused credit on existing credit cards to and allows consumers to break online purchases into installments without paying interest.
The startup’s technology is live with several merchants, and the capital infusion will enable the company to continue to ensure merchants that, while the customers will pay in installments, the merchants will receive the entirety of the funds at the time of purchase, Alon Feit, CEO of PayItSimple told CardNotPresent.com during an interview at the CNP Expo.
“Not only does PayItSimple enable merchants to boost sales conversion and average ticket size,” Feit said, “but by allowing them to receive the purchase price upfront, it guarantees that cash flows are not compromised.”
PayItSimple’s platform works within the existing credit-card payment infrastructure to enable interest-free installments by reauthorizing the consumer’s credit card for the unpaid part of the purchases on a monthly basis. PayItSimple is the official Installment Billing Sponsor of the CNP Expo and attendees can find them at Booth #619.