How they describe themselves: PayItSimple has developed patent protected technology (US 8290864 B2 & US 8706624 B2) that allows customers, at the point of purchase, to immediately choose to spread their credit card charge over a number of INTEREST FREE installments, while still providing the merchant with the same level of payment security as with any credit card transaction.
There are a number of alternative services available to consumers (e.g. revolving credit facilities by credit card companies or via companies like BillMeLater, close loop retailer cards, GE money etc.), however all charge the cardholder high interest rates WITHOUT the convenience and simplicity of choosing interest-free installment payments using existing credit cards.
How they describe their product/innovation: PayItSimple enables shoppers to divide the total cost of their purchases charged on their existing credit card across as many months as they choose and the merchant offers. Customers do not incur any fees or interest charges. There is no need to complete a credit application or qualify for a new credit line. There is no fine print or hidden costs.
Product distribution strategy: Via existing channels for credit card acquiring, Acquirers, ISOs, Gateways, Direct Business to Business (B2B), mainly to big enterprises