Splitit

Splitit: installment payments with the customer's own credit card

Splitit is a payment solutions company that allows shoppers to split their purchases using the credit they already have available on their card, without applying for new loans or using unregulated credit. Its offering is built around three main products: credit card installments, pay after delivery, and digital wallet installments.

Credit card installments

The credit card installments product allows the cost of a purchase to be spread into equal payments without added interest. According to the company, if the user pays their card balance each month, they do not incur additional interest, although the card's general terms and conditions still apply. This system requires no lengthy applications or credit checks, and keeps the card's rewards programs, purchase protection, and fraud coverage active.

Pay after delivery

The pay after delivery option is designed for purchases where the buyer waits weeks or months to receive the product, or for buying from retailers they don't know. In these cases, the amount is held until the order arrives at its destination, which gives the buyer confidence.

Digital wallet installments

Digital wallet installments allow any payment made through a digital wallet to be split, using the user's existing credit card. This option carries a finance charge, the full cost of which is always shown before confirming the transaction.

How it works and user experience

The Splitit process is characterized by its immediacy: splitting is done in seconds, with no additional forms, no account creation, and no lengthy applications. The company highlights that shoppers keep their card rewards — cashback, points, and air miles — on every installment, as well as purchase protection and fraud coverage.

Solutions for merchants and financial institutions

In addition to its offering for shoppers, Splitit provides solutions for merchants and financial institutions. These include white-label e-commerce installments, the Splitit Go solution for in-person, over-the-phone, and online payments, and pay after delivery options aimed at increasing trust and conversion. For banks and credit unions, the company offers FI-PayLater, a proposition that seeks to expand their customers' payment flexibility. It also has solutions for payment processors, with the goal of increasing processing volume through integrated white-label installments.

Industries served

Splitit works with merchants in sectors such as retail and e-commerce, home services, education, and health and wellness, among others. The company states that its offering is suitable for high-value items, a segment where other buy now, pay later solutions do not always fit.

Resources and presence

The company publishes resources such as an installment playbook, reports and trend analyses, and customer success stories. It has an integration with Shopify and offers a blog, as well as sections dedicated to developers and investors. Splitit operates through entities such as Splitit USA Inc. (NMLS# 2314339) and Splitit Consumer Funding LLC (NMLS# 2630622), with offices at 211 Perimeter Center Parkway, Suite 240, Atlanta, GA 30346.

Location and contact

211 Perimeter Center Parkway, Suite 240, Atlanta, GA 30346