New white-label Installments-as-a-Service experience delivers impressive results
When we announced our new Installments-as-a-Service platform in May, we knew it would drastically improve merchant performance. Now early results are proving just how much. OCM brand, the first merchant to implement the white-label installments option, has seen total sales increase by 41% and volume of orders increase by 54% compared to the previous version of Splitit the company used for the past two years.
“First and foremost, the overall implementation is a lot more straightforward and delivers a much-improved shopping experience,” said Juanfran Figueredo, Head of Data Analytics at OCM. “We have exceeded all expectations with performance so far. We anticipated incremental improvement in our key metrics, but having such strong numbers from day one shows just how intuitive it is for our shoppers.”
OCM immediately began seeing the overall performance uplift with the updated user experience. Splitit’s white-label installment platform eliminates unnecessary consumer friction and improves lackluster conversion numbers inherent with legacy buy now, pay later (BNPL) options.
Our Installments-as-a-Service provides a merchant-branded experience embedded into the merchant’s checkout flow allowing merchants to focus on delivering a more cohesive shopping experience. The white-label option eliminates the confusion around choosing a BNPL provider, being directed off-site or having to complete an arduous registration that can add up to seven steps to the checkout process.
“Our new Installments-as-a-Service UX is a simple and elegant way for merchants to drastically increase performance while also driving repeat purchases. Our mission is to empower our merchants to disintermediate their shopper relationships,” said Splitit CEO Nandan Sheth. “Because Splitit isn’t a super app harvesting consumer data or looking to acquire our merchants’ customers, we ensure the customer journey starts and ends with the merchant – not a BNPL lender. Our early success with OCM is proving this matters. Not just Gen Y or Millennials, but across all shopper demographics.”
Merchants, who see their relationships with consumers eroding from BNPL providers harvesting their shopper data for their gain, have more control over the entire shopper experience with our Installments-as-a-Service platform. Merchants retain ownership and control over their customers’ data, allowing them to nurture and retain their customers, driving loyalty and promoting brand consistency on their terms.
The U.S. Consumer Financial Protection Bureau (CFPB) recently announced that it plans to regulate legacy BNPL lenders in the same way they do credit card companies. In light of this news, Splitit provides a more future-proof pay-later option as it already operates under current credit card regulations. Our use of global credit card networks also means merchants can easily add their service to new countries or regions through a single integration without the regulatory and procedural hurdles of implementing financing options.
