Splitit releases B2B credit card instalment payment solution

The B2B payment platform enables manufacturers and suppliers to offer buyers of inventory or services an interest-free, instalment credit solution utilising their existing business credit cards. Splitit Business Payments is an extension of the companys consumer instalment payments platform, which enables shoppers to pay for purchases in interest-free monthly instalments using their existing Visa or Mastercard accounts.

Once a buyer and a supplier agree on terms for an order, the buyer can choose Splitit Business Payments instead of a purchase order, making a deposit or working through a factor. The seller then puts a hold for the full amount of the order on the buyers business credit card in lieu of a deposit. Both sides agree to the terms of a monthly instalment plan.

Based on mutual agreement, the manufacturer can process an initial payment or wait until the order is shipped. Once triggered, the instalment plan is activated, and a first payment is automatically charged. At the same time, Splitit reduces the amount of hold on the credit card account by that amount. The entire process is risk-free to the supplier and continues automatically over the remaining months until the supplier is paid in full, according to the official press release.

Buyers of goods and services are not required to submit an application, register or undergo a credit check. In addition, Splitit does not require them to sign a long-term contract.