PayItSimple's patented solution provides a service of installment payments by consumer to the merchant for goods or services that have already been delivered to the consumer.
According to the consumer’s selected Installment plan, PayItSimple system will execute authorization and payment breakdown into installments.
The time period of debt as agreed in the Installment plan is divided into authorization periods. The PayItSimple system will create re-authorization approval of the remaining values of transaction for the next period prior to the termination of the current authorization.
PayItSimple's mission is to enhance consumer credit purchasing model and experience, an increase consumer purchasing capabilities, as well as merchant volumes and revenues.
The solution applies for online (Internet), point of sale (POS) and cash withdrawal activities. It is patented since 2012 with the US patent office - US 8,290,864 B2.