New white-label Installments-as-a-Service experience delivers impressive results

New white-label Installments-as-a-Service experience delivers impressive results

Last updated October 2022

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.

Latest blog posts

How EdTech Can Stay Ahead with Flexible Payment Solutions 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 […]
New Study reveals a strong preference for pay-later options this holiday season New Study reveals a strong preference for pay-later options this holiday season
Our latest study with PYMNTS, “Maximizing Holiday Revenue: The Strategic Value of Early Pay Later Visibility”, show that card-linked installments lead as the top choice due to their ease of use and lack of additional loan applications, creating a substantial opportunity for merchants. Get the full report
Boosting Sales for Residential Window Replacement Companies with Card-Linked Installments Boosting Sales for Residential Window Replacement Companies with Card-Linked Installments
Essential Statistics on Window Replacement in the U.S.: The U.S. is home to 118 million single-family residences, apartments, and mobile homes, with 70 million featuring double-pane or upgraded glass. That leaves nearly 40% of homes still using single-pane glass, presenting a huge opportunity for upgrades. A national survey conducted by The Harris Poll found that […]