Splitit has recently announced a new merchant agreement with leading
US comfort technology company, Purple Innovations. As a result, in less than one
week Purple saw roughly 15% of their revenue coming from purchases made
Despite the economic crisis, consumers are still spending - particularly on items for the home. As a result, categories such as mattress and home furnishings are continuing to grow. As retailers and consumers alike are leery of taking further financial risks, many are turning to installment payment options. Consumers are much more discretionary about what they’re buying and how they’re paying for it. Merchants want to make it easier for consumers to make purchases but don’t want to bear the risk that comes with in-house financing. Splitit is bridging those two concerns by offering a way for consumers to make installment payments without taking on additional debt and allowing merchants to offer flexible financing to consumers, without taking on financial risk of their own.
“We decided to use Splitit because of the ease of use and convenience it offers our customers. Our products generally are on the higher end cost spectrum for purchasing decisions and allowing customers to break up their payments without taking on a new credit line is a huge benefit. In just less than a week we have seen close to 15% of our overall revenue driven from Splitit and we only only expect that number to climb. I couldn’t be more satisfied with Splitit and from what we have heard from our customers, they couldn’t be either,” said Eric Nelson, Senior Marketing and Product Expert at Purple.
“We are excited to partner with Purple, one of the world’s leading online brands to provide a superior customer experience and improve conversion with installment payments. With their exceptional growth and brand profile, Purple is one of our top merchants in exactly the kind of vertical we are targeting. At a time where consumers are making their homes more comfortable through online purchases, we are optimistic about the contribution they will make to our business and we look forward to working with the Purple team to help their consumers spend the credit they’ve earned, on their own terms,” said Brad Paterson, Splitit CEO.
About Purple: Purple is a digitally-native vertical brand with a mission to help people feel and live better through innovative comfort solutions. We design and manufacture a variety of innovative, premium, branded comfort products, including mattresses, pillows, cushions, frames, sheets and more. Our products are the result of over 25 years of innovation and investment in proprietary and patented comfort technologies and the development of our own manufacturing processes. Our proprietary gel technology, Hyper-Elastic Polymer®, underpins many of our comfort products and provides a range of benefits that differentiate our offerings from other competitors’ products. We market and sell our products through our direct-to-consumer online channels, traditional retail partners, third-party online retailers and our owned retail showrooms. For more information, visit purple.com.
About Splitit: Splitit is a payment method solution enabling customers to pay for purchases with an existing debit or credit card by splitting the cost into interest and fee free monthly payments, without additional registrations or applications. Splitit enables merchants to offer their customers an easy way to pay for purchases in monthly installments with instant approval, decreasing cart abandonment rates and increasing revenue. Serving many of Internet Retailer’s top 500 merchants, Splitit’s global footprint extends to hundreds of merchants in countries around the world. Headquartered in New York, Spliti has an R&D centre in Israel and offices in London and Australia.