How EdTech Can Stay Ahead with Flexible Payment Solutions
The Evolution of Continuing Education:
As the education landscape evolves, EdTech companies face an urgent need to innovate. Professionals today are pursuing lifelong learning like never before. Yet, financial barriers remain a significant obstacle. A study by the Organisation for Economic Co-operation and Development (OECD) found that 53% of working professionals cite cost as the primary factor deterring them from further education. To thrive in this dynamic environment, EdTech platforms must address the modern learner’s needs with affordability, accessibility, and flexibility.
The Landscape: Why EdTech Needs to Innovate
Continuing education is no longer a luxury – it’s a necessity. The rapid pace of technological change and shifting job market demands have reshaped how Americans approach career development:
- 85% of jobs in 2030 have not yet been invented (World Economic Forum, 2023).
- Professionals are increasingly seeking online certifications, short courses, and skill-based training to stay competitive.
- The global EdTech market is projected to grow to $421 billion by 2028, but competition is fierce (Fortune Business Insights, 2023).
However, the traditional “one-size-fits-all” approach is failing. With rising costs and mounting financial pressure, many learners are left behind.
The Problem: Cost is the Biggest Barrier
For the modern professional, the path to upskilling is littered with financial hurdles:
- 53% of working professionals cite cost as the primary reason they do not pursue additional education (OECD, 2024).
- Many courses, certifications, and degree programs require significant upfront payments, making them inaccessible to those with tight budgets.
- Even as demand grows, EdTech platforms without payment flexibility lose up to 30% of potential enrollments, as learners seek more affordable alternatives.
The Story of James
James, a 32-year-old project manager, wanted to enroll in a $3,000 leadership certification program to advance his career. With bills, childcare costs, and other responsibilities, paying the entire amount upfront wasn’t feasible. Without a financing option, James reluctantly decided to postpone his education – a missed opportunity for him and the EdTech provider.
The Solution: Flexible Payment Options
The financial barrier isn’t insurmountable. By offering payment flexibility, EdTech companies can create win-win solutions for learners and their own growth:
- Programs with installment payment options see a 30% increase in enrollment rates (EdTech Payments Study, 2023).
- Flexible payment plans help learners spread costs over time, reducing financial strain.
- Professionals like James can upskill without sacrificing financial stability, enabling them to make better career decisions faster.
Why Splitit?
This is where Splitit transforms the game. Unlike traditional financing options or high-interest BNPL solutions, Splitit allows learners to:
- Pay Over Time: Split course fees into manageable monthly installments using their existing credit card limit, with the ability to choose installments from 1-12 months, with an optional upfront deposit.
- Avoid Debt: No new loans, no applications, and no interest—just simplicity.
- Gain Immediate Access: Start learning right away without waiting for financing approval.
For EdTech providers, Splitit drives measurable benefits:
- Boost Enrollment Rates: Remove cost as a barrier, and watch signups grow.
- Increase Average Order Value (AOV): Learners are more likely to choose higher-priced programs when they can pay over time. Splitit can boost AOV by over 20%.
- Improve Cash Flow: Unlike traditional BNPL, Splitit ensures you get paid upfront while learners pay in installments.
- Stand Out in a Crowded Market: Offering a seamless, interest-free payment option is a powerful differentiator.
EdTech Companies Must Act Now
The demand for continuing education is surging, but financial barriers are holding many back. EdTech platforms that prioritize affordability and payment flexibility will emerge as leaders in this growing market. With Splitit, you can empower learners to invest in their futures while driving your company’s growth.
Don’t let affordability stand in the way of opportunity.
Contact Splitit today to learn how we can help your EdTech platform unlock its full potential.
