NEW YORK, NY, June 1, 2015 — PayItSimple USA Inc. announced today that it is extending the distribution of its patented, PCI-compliant payment solution technology through its new partnership with North American Bancard (NAB), the nation's leading merchant services company, and its front-end gateway, NABVelocity (Velocity). PayItSimple enables merchants to offer consumers the ability to make purchases using interest-free installments.
This joint activity provides a comprehensive cloud-based solution that will enable merchants to offer their customers instant, interest-free installment payments on the VISA and MasterCard credit cards already in their wallets, with distribution through NAB’s extensive Agent and ISO reseller base. Merchants can choose to receive their funds in monthly installments or can choose to receive the amount of the purchase upfront.
PayItSimple's solution works exactly like a regular credit card transaction. During the check-out process, the customer chooses the number of installment payments, following which PayItSimple authorizes the full amount of the purchase on the shopper's existing credit card. Due to the fact that PayItSimple optimizes the cardholders existing line of credit, over 85% of customers that request an installment plan will receive one.
As NAB’s front-end gateway, Velocity will provide PayItSimple with a single interface to all of NAB's merchants. Both companies' complementary solutions are designed to meet the specific requirements and needs of merchants, with seamless integration, 24/7 customer and technical support and marketing consultation services.
Our partnership with North American Bancard will help us to provide a new payment solution that could increase sales and average ticket size of small, medium and large merchants
Alon Feit, CEO at PayItSimple and Pat Ward, Vice President, Channel Sales at North American Bancard recently initiated the partnership with the mission to further advance credit card installment payment processing industry standards.
"Our partnership with North American Bancard will help us to provide a new payment solution that could increase sales and average ticket size of small, medium and large merchants," Feit said. "We are thrilled to become a part of the North American Bancard family, which is known as one of the best and most innovative payment processors in the business."
"NABVelocity is thrilled to offer our partners and merchants the PayItSimple installment solution," said Ward. "It’s another way we are bringing value to our merchant base. The PayItSimple solution allows merchants to offer consumers an easy, no hassle way to make big-ticket purchases that they may other-wise delay or avoid”.
PayItSimple enables both ecommerce and brick and mortar merchants to offer interest-free monthly installment payments to their customers at the point of sale. Customers do not have to apply for a new credit line or qualify for a new credit card. PayItSimple works on their existing credit cards so customers also enjoy all of their regular credit card benefits such as points, cash-back and mileage. For merchants, having this additional payment option could mean increased conversion rates, higher average tickets, increased customer satisfaction and reduced barriers to purchase. ISOs and Acquirers enjoy improved merchant acquisition and retention, increased credit card volume and increased revenue via a share of PayItSimple fees. To learn more, please visit www.payitsimple.com
Headquartered in Troy, Michigan, award-winning North American Bancard is an industry leader in credit card processing, providing a variety of merchant services that help client companies of all sizes develop solutions for payment processing, including credit, debit, EBT, check conversion and guarantee, gift & loyalty cards, and much more. As an MSP/ISO since 1992, North American Bancard is dedicated to offering the highest service levels, exceptionally competitive pricing, and the latest technology to its client companies, including Pay Anywhere, its proprietary point-of-sale (POS) solution. With over $34 billion worth of payments processed for more than 250,000 businesses every year, North American Bancard is determined to help American business prosper. For more information, visit www.nabancard.com.
Stacy Fassberg, Vice President Marketing, PayItSimple, email@example.com
Josh Griffin, North American Bancard, 248-269-6000 ext. 5422, firstname.lastname@example.org
Pat Ward, Vice President of Channel Sales, North American Bancard, email@example.com