Israeli and American company PayItSimple, which offers a service that provides instant consumer financing at the point of sale announced the release of a new free plugin for its open-source eCommerce platform Magento. The company states that the new plugin, PayItSimple Installment Payment, allows ecommerce merchants to add an additional payment method to their checkout process.
The PayItSimple plugin, the company boasts, enables merchants to offer secure consumer credit using the consumer’s existing credit card, with no greater risk than they have with ordinary credit card transactions. Installment transactions are automatically scheduled, generated, authorized and collected on the customer’s existing credit card via PayItSimple’s cloud-based, patent-protected platform. According to the firm, for merchants, having this additional payment option can mean increased conversion rates, higher average tickets, increased customer satisfaction and reduced barriers to purchase.
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It will also aid consumers who gain instant, interest-free monthly payments, better expense management and no credit applications or qualifications for new credit lines while continuing to enjoy all of their existing card benefits, such as cash back, mileage, points, etc.
The plugin was designed to meet all Magento best development practices and is compatible with all other extensions. This plugin is free of charge.