APPS and Splitit Partner to Deliver BNPL Options to Merchants

Atlantic-Pacific Processing Systems (APPS) and Splitit have partnered to deliver buy now, pay later (BNPL) options to merchants.

The partnership will bring several new programs to market that combine the capabilities of APPS’ payment solutions and Splitit’s merchant-branded Installments-as-a-Service platform, the companies said in a Thursday (May 18) press release.

“We are delighted to partner with APPS to offer their enterprise clients, ISOs [independent sales organizations], ISVs[independent software vendors] and integrated accounting solutions Splitit’s best-in-class white-label experience,” Splitit CEO Nandan Sheth said in the release.

PYMNTS research has found that BNPL offers benefits to both individual consumers and businesses that are making B2B purchases.

For example, in the case of B2B payments, BNPL lacks interest payments so long as all installments are made on time, according to “Is BNPL the Next Driver for B2B Growth?”, the March/April edition of the “Buy Now, Pay Later Tracker®,” a PYMNTS and Splitit collaboration.

In addition, B2B BNPL offers businesses a much simpler method of making purchases rather than acquiring commercial loans from traditional lenders, the report said.

One of the new programs enabled by the partnership of APPS and Splitit will offer ISOs, ISVs and merchants a simplified way to adopt card-based installments. This will allow merchants to add one-click installments to their check, and will let ISOs, ISVs and payment facilitators offer this service to their customers, according to the press release.

APPS will also add Splitit to its back-end settlement platform called Olympus, its private branded enterprise and ISVplatform, its integrations with QuickBooks and Sage, and its enterprise resource planning (ERP) and accounting integrations platforms, the release said.

“Together, we can bring a new BNPL program to market for any ISO or ISV to use with their existing acquiring program, expanding this underserved group of merchants’ ability to sell their products to customers who may be otherwise burdened by rising costs,” APPS Chief Innovation Officer Brent Gephart said in the release.

In other recently announced partnerships, Splitit has teamed up with Visa to form a BNPL solution for merchants that will be piloted in select markets during the second half of the year and has launched an Installments-as-a-Service integration with the SAP Commerce Cloud.