Splitit launches Instalments-as-a-Service platform

Wednesday 18 May 2022 09:43 CET | News

US-based fintech Splitit has offered new instalment payments, tapping into existing consumer credit on payment cards instead of initiating new loans.

Splitit’s white-label instalment plugin allows merchants to nurture and retain their customers, driving loyalty and promoting brand consistency on their terms. Any consumer with the available balance on their credit card is automatically pre-qualified to use Splitit. There’s no application, interest or hidden fees and no changes to their credit report, creating less amount of consumer friction.

A single global API facilitates Splitit’s Instalment-as-a-Service facilitates implementation of the pay-later option. It embeds into existing acquirers and the current checkout flow, allowing merchants to use the same processor they currently use. Whether the merchant is looking for a local or global solution, setup can be done in days or weeks.

Company officials stated that the first phase of their plan is to bring the white-label solution to acquirers, merchants, and independent software vendors (ISVs) in the US. But their future vision is to scale globally, offering a consistent experience for cross-border and global markets. University ecommerce platform OCM, supporting digital commerce for students, parents, faculty and staff, is the first to implement Splitit’s white-label instalment solution.

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Keywords: Splitit, product launch, instalment payments, BNPL, credit card, merchants
Categories: Payments & Commerce
Companies: Splitit
Countries: World
This article is part of category

Payments & Commerce


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