Buy now, pay later (BNPL) firm Splitit is partnering with letus, a cloud-based payment platform for the rental market, via an Installments-as-a-Service integration.
The collaboration lets tenants extend expenses like rent or security deposits across several monthly payments on the credit card of their choice with no additional interest charges, according to a Wednesday (Aug. 3) press release. Splitit offers a white-label installments solution that provides an application programming interface (API) integration, which enables letus to deliver a branded experience embedded in the platform.
“Splitit helps us reach our objective to bring innovative technology and tools to alleviate some of the biggest hurdles for tenants and property managers alike,” said letus CEO Jean-Francois Brissot in the release. “The ability to integrate Splitit’s white-label solution into our platform ensures a seamless and simple experience, helping foster a stronger relationship between tenants and landlords.”
The letus cloud payment platform specializes in flexible payment solutions for rent as well as credit reporting and other solutions to empower its customers — both landlords and tenants — to take control of their finances. Property managers are provided with tools for rent collection, and tenants are offered payment options as well to reconcile all payments on a single, integrated platform, the release stated.
“letus is a perfect example of the power of Splitit’s Installments-as-a-Service platform,” said Splitit CEO Nandan Sheth in the release. “…Our flexible platform is easily embedded within the existing payment experience without the added complexities of legacy third-party installment payment options.”
Last month, Sheth spoke with PYMNTS about the ways BNPL has changed how consumers think about credit.
Read more: BNPL at the Heart of the Great Consumer Credit Reset, Says Splitit CEO
Although BNPL wasn’t designed to be a line of credit for consumers who need help meeting household expenses, it’s being used that way more now as prices soar and pandemic-era savings start running out.
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