Splitit: A Comprehensive Overview of the Card-Linked Installment Payment Gateway

Introduction to Splitit

Splitit is a global payment solution that enables consumers to pay for purchases using their existing credit cards by splitting the cost into interest-free monthly installments. Unlike traditional Buy Now, Pay Later (BNPL) services, the provider does not require additional loans, applications, or credit checks, making it a seamless and consumer-friendly option for both shoppers and merchants.

How Splitit Works

Splitit’s unique approach leverages the available credit on a shopper’s existing credit card to secure the full purchase amount. At the time of purchase, the full amount is authorized on the customer’s credit card, but only the first installment is charged. Subsequent installments are automatically charged each month until the balance is paid off. This method allows consumers to enjoy the benefits of installment payments without incurring additional debt or interest charges from the provider.

Key Features and Benefits

For Consumers

• No Additional Interest or Fees: Splitit does not charge any interest or fees for using its service. However, consumers should be aware that their credit card issuer’s standard terms and conditions apply, and they should ensure timely payments to avoid any potential charges from their card provider.

• No New Credit Checks or Applications: Since Splitit uses the consumer’s existing credit card, there is no need for additional credit checks or loan applications, streamlining the checkout process.

• Maintain Credit Card Benefits: Consumers continue to earn rewards, points, and benefits associated with their credit cards while using Splitit’s installment plan.

For Merchants

• Increased Conversion Rates: By offering flexible payment options, merchants can reduce cart abandonment and increase conversion rates.

• Higher Average Order Value (AOV): Splitit’s installment plans encourage consumers to make larger purchases, leading to a higher AOV for merchants.

• Seamless Integration: Splitit offers easy integration with various e-commerce platforms, including Shopify, WooCommerce, Magento, and Salesforce Commerce Cloud, allowing merchants to quickly add installment payment options to their checkout process.

• White-Label Solution: Merchants can maintain their brand identity by offering Splitit’s installment plans under their own branding, providing a consistent customer experience.

Product Offerings

E-commerce Installments

Splitit’s e-commerce installment solution allows online retailers to offer flexible payment plans to their customers. By integrating Splitit into their checkout process, merchants can provide a seamless and interest-free installment option, enhancing the shopping experience and encouraging higher spending.

Splitit Go

Splitit Go extends the installment payment option to in-person, over-the-phone, and online transactions. This omnichannel solution enables merchants to offer flexible payment plans across various sales channels, ensuring a consistent and convenient experience for customers.

Pay After Delivery

With the Pay After Delivery option, merchants can boost customer trust by allowing shoppers to receive and evaluate their purchases before making a payment. This feature can lead to increased customer satisfaction and loyalty.

Integration and Technical Support

Splitit provides comprehensive technical support and resources to assist merchants in integrating its payment solutions. Developers can access detailed documentation, APIs, and SDKs to facilitate the integration process. Additionally, the provider offers on-site messaging tools to promote installment options and enhance customer engagement.

Supported Regions and Eligibility

Splitit’s services are available to merchants in various regions, including Andorra, Australia, Austria, Belgium, Canada, Cayman Islands, Denmark, Faroe Islands, Finland, Germany, Gibraltar, and Greece. To be eligible, merchants typically need to have annual sales exceeding $30 million, although decisions are made on a case-by-case basis by Splitit’s Sales and Partnership team.

Pricing and Merchant Fees

Splitit’s pricing structure is designed to be competitive and transparent. While the exact fees may vary based on factors such as transaction volume and merchant location, the provider offers two primary plans: Core and Managed.

• Core Plan: Merchants receive payments as customers make their monthly installments.

• Managed Plan: Merchants receive the full purchase amount upfront, with Splitit handling the installment collections from customers.

Merchants interested in using Splitit’s services should contact the sales team to obtain a customized quote based on their specific needs and transaction volumes.

Conclusion

Splitit offers a unique and consumer-friendly installment payment solution that benefits both shoppers and merchants. By leveraging existing credit card balances, Splitit eliminates the need for additional loans or credit checks, providing a seamless and interest-free payment experience. Merchants can enjoy increased conversion rates, higher average order values, and enhanced customer loyalty by integrating Splitit’s flexible payment options into their sales channels.