Splitit unlocks current consumer credit on payment cards for 0% interest and pay-over-time payments rather than creating new consumer loans. Any customer having a credit card accessible credit is immediately pre-qualified to utilise Splitit for that available credit. There are no applications, registrations, or redirects, and no additional interest, fees, or credit checks.
SplititExpress's white-label experience removes the clutter and confusion caused by several payment logos at the checkout. Splitit's white-label service allows merchant partners to increase brand loyalty and repeat purchases while also strengthening the merchant's own brand consistency. Furthermore, merchants retain complete control over their customers' journeys and first-party data, which is a key tool for developing long-term customer connections and optimising the entire purchasing experience.
Splitit's white-label platform is a simple installment option that merchants can implement. The firm has offices in the US, Australia, and the UK and claims to be a one-of-a-kind BNPL supplier that does not collect fees, accept applications, or conduct credit card checks.
As a result, Splitit chose to expand its service and add additional instalment payments in May 2022, instead of launching new loans, by tapping into current consumer credit on payment cards.
Splitit's white-label instalment plugin enables merchants to nurture and keep their consumers, encouraging brand consistency and generating loyalty on their terms. Any consumer with an accessible credit card balance is immediately pre-qualified to utilise Splitit. There are no applications, interest, or hidden costs, and there are no modifications to their credit record, resulting in reduced customer friction.
Later, in September 2022, the business closed a USD 10.5 million private offering with institutional investors to expand its Installment-as-a-Service concept. The fresh capital round will be used to increase the firm's network of worldwide enterprise merchants and key partners.
Choosing to offer an installment payment option meets both the shopper's and the merchant's expectations. Not only can installment payments boost the number of transactions a buyer may make by dividing payments into more manageable pieces, but they also encourage them to spend more money on each purchase.
By the end of 2025, online fashion purchases are expected to generate USD 1003.5 billion. However, finding something that correctly fits and suits the customer is difficult when they cannot try on things in person. Online businesses have attempted to address this issue by implementing more forgiving return policies.
On the other side, allowing monthly payments tend to reduce the likelihood of goods returns. Customers appear to be less likely to return a purchase when they only see one monthly installment payment on their account statement rather than one lump sum.
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