Merchant Processing Success Story
Leadership and Self-Improvement Programs
This company markets and sells the leadership and self-improvement courses from one of America’s most influential and beloved encouragers and believers that everyone could have, do and be more. This person’s books, videos and recordings have reached and influenced an estimated 250 million people. The courses are primarily online but can be supplemented with in-person workshops.
This company was seeking to increase the closure rate with customers seeking to purchase courses with an average order value of over $2,000. Traditional financing programs were not working due to long approval cycles and the need for customers to go through a tedious approval and credit check process. These traditional financing programs were also not allowing the company to pay timely commissions to its marketing/sales affiliates – limiting the affiliates desire to aggressively generate sales.
We introduced this company to a service in our portfolio called SplitIt. Customers of this course marketer can split their purchases up into a maximum of 36 interest-free monthly payments using their existing Visa or Mastercard – or up to three interest-free monthly payments with a debit card. There is instant approval, no need to apply for new credit line, and no application form or credit check. Integration was simple with web API integration and a plugin to their ecommerce platform. In addition, we switched them to a more efficient, transparent and lower cost credit card processor.
Since integrating Splitit, they have seen a 50% increase in course sales with significant use of the SplitIt platform – generating new customers they would not have previously secured. Their new credit card processing solution has generated savings of over 40% (not including Interchange rates), provided better customer service and increased ease of use for their financial organization.