Business Tips

It’s 2019: Installment Payments are here to stay!

Last updated January 2022

Paying with an installment plan is not a new idea. People have been doing it for decades on large life purchases such as houses and cars. But here’s a twist: what if your customers could buy more ‘everyday’ merchandise or services from your store with an installment plan? What if these purchases worked just like regular credit or debit card purchases, and could be made through your existing payment gateway? What if your customers could purchase in installments through their own existing Visa and MasterCard cards, without having to fill out a new credit application? What if such purchases were completely interest free? It would give your customers a new and attractive payment option, and most likely, increase your sales conversion.

Pay over time, on your terms

Splitit provides installment payment services for merchants around the globe. Here’s how it works: you add Splitit as one of your payment options, giving your customers the choice to pay by regular installments without traditional credit card charges. When your customer chooses the Splitit option, he/she also selects the number of installments they want to pay with. Splitit authorizes the full purchase amount on the customer’s existing Visa or MasterCard credit card, then it charges them for the first installment — either immediately, or when the purchase item is shipped. Each month, Splitit reauthorizes the outstanding balance when the previous authorization is about to expire. Then it charges the purchaser’s credit card until the plan is finished.

55% of Shoppers are more likely to buy, or spend more if offered to pay with interest-free monthly payments

Customers can make easier and more confident purchasing decisions when they have the option of interest-free installments. Approximately 2/3 of online customers abandon their shopping carts and do not follow through on a contemplated purchase. With Splitit, your customers have a new attractive payment option that allows them to better manage their cashflow and budget all while using their existing card. An additional payment option provides your customers with more choice and convenience. This can be helpful especially if a customer is contemplating the purchase of a big-ticket item.

82% of shoppers prefer​ interest-free monthly payments on an existing credit card over consumer financing​

Online customers tend to be more in tune with the business side of technology and new ways to make purchases. They expect convenience, choice, and a speedy, secure checkout. Splitit gives them all these things. Because the purchase is made through a credit card account, your customer does not lose benefits – he/she still builds up points, miles or cash back with a Splitit purchase. The charge shows up on his/her monthly credit card statement and they do not have to worry about their card APR as they would with other consumer financing options.

Choose Splitit today

Splitit makes it easier for merchants to increase conversion because it allows you to offer your customers more payment options, a range of installment payment schedules, and a tool which helps them manage their cash flow. Splitit is a leader in the payment industry making it a trusted solution by hundreds merchants around the world. The best part… there is not commitment when signing up, allowing you to try Splitit and see the positive impact first hand.

To request you free demo, click here!