Splitit
Splitit has been selected as a finalist in the 'Tech of the Future' category for their card-linked installment payments platform in the PayTech Awards USA 2024.
About Splitit
Splitit revolutionizes payment solutions by enabling card-linked installments without new loans or fees, leveraging consumers' existing credit. As the only embedded white-label omnichannel payments provider of its kind, Splitit empowers merchants to achieve higher conversion rates and increased transaction values without losing customers to third-party BNPL providers. Its innovative, consumer-friendly approach spans diverse sectors, including jewelry, dental care, and education. By future-proofing payments with a model that prioritizes consumer protection and merchant success, Splitit sets a new standard in the industry.
The Platform
Splitit distinguishes itself from legacy BNPL services by offering 0% interest, pay-over-time installments using a consumer's existing credit card, with no new loans, applications, or credit checks required. Its embedded, omnichannel solution works seamlessly across in-store, online, mobile, and call centers, allowing higher ticket purchases and longer installment plans (up to 24 months). Splitit’s unique approach leads to higher approval rates and drives significant value for both consumers and merchants.
Unique Benefits For Merchants
Higher Conversion Rates
Splitit allows customers to seamlessly pay in installments using their existing credit card without applying for a new line of credit. This convenience can reduce cart abandonment and increase conversion rates at checkout.
No Credit Checks or Interest
Since Splitit uses the customer's available credit balance, there are no credit checks or interest charges, making it an attractive option for consumers and reducing friction for merchants during the purchasing process.
Immediate Full Payment to Merchants
Merchants receive the full payment upfront, while customers pay over time. This enables merchants to maintain cash flow and manage their finances more efficiently.
Improved Average Order Value
By providing flexible installment payments based on the credit consumers have already been approved for, they have clear visibility of their available credit, which can lead to higher average order values.
Seamless Integration
Splitit's technology integrates easily with existing e-commerce platforms and payment gateways, providing merchants with a smooth and hassle-free setup process.
Increased Customer Loyalty
Splitit's white-label solution gives merchants complete control over their customer journey, free from third-party logos, data collection, or remarketing. This seamless experience promotes customer loyalty and drives repeat purchases.
No Additional Fees for Customers
Unlike many other installment solutions, Splitit doesn’t charge customers additional fees, which helps merchants promote a transparent and customer-friendly payment process.
Unique Benefits For Banks and Financial Institutions
Increased Credit Card Utilization
Splitit uses customers' existing credit card balances for installment payments, driving higher card usage without issuing new credit. This benefits banks by maximizing the utilization of their existing credit lines.
No Additional Risk
Since Splitit relies on the customer’s available credit, banks and financial institutions face minimal additional risk. The system doesn't require issuing new loans or credit lines, avoiding the need for extensive credit checks.
Higher Customer Retention and Engagement
Offering Splitit’s white-label solution can boost engagement and loyalty among cardholders by featuring the bank’s branding at checkout, encouraging customers to use their existing cards for larger purchases with flexible, interest-free installment options.
Improved Credit Card Brand Perception
By supporting an innovative, customer-friendly payment option like Splitit, banks can enhance their reputation as providing flexible, low-friction solutions, improving customer satisfaction and retention.
No Impact on Credit Limits
Splitit doesn’t lock up the cardholder’s available credit for the entire purchase amount. Instead, only the value of the monthly installment is reserved, which can encourage cardholders to use their cards for other purchases, further boosting transaction volume.
Lower Operational Cost
Banks and financial institutions can seamlessly integrate Splitit without the need to develop new lending or payment systems, enabling them to offer installment plans with minimal operational complexity. Splitit’s unified merchant-facing API serves as a single access point for multiple installment programs, including eCommerce plugins and POS SDKs, simplifying both integration and deployment.