Business Tips

Using Installments For Tech and Electronics

Last updated January 2022

In a constantly evolving world, keeping up with the latest trends in technology and electronic gadgets can become a financial race. The list of the latest and greatest is a never-ending story. From the newest phones, headsets and speakers, smart-wearables, smart-tvs (and smart-whatevers…), to the latest models of computers and the malware technology to keep hackers out of all our wifi-connected products. 

Even household appliances and accessories we all love (like high tech doorbells and security systems or synced alarm clocks and coffee machines – even mattresses!) are rolling out new products everyday. Good morning world…“Alexa – make me coffee and turn on the news, please.” (Always want to be polite, even to your AI…) 

I haven’t even started to mention all the electronic toys out there! From playstations to drones to electric bikes (that one’s on my wishlist!), the catalog of stuff is endless. And while many of us want to keep up with what’s new and stay on top of the latest trends, we can’t always afford it. 

Additionally, and somewhat more practically, as more people start to work from home or as they set up their own businesses, investing in technology has become obligatory to even function properly. It’s the way of the world.

How are people supposed to keep up with this fast-paced, very enticing high-tech world? 

Whether it’s for personal pleasure or professional necessity, we are all looking for something from the tech and electronic world at any given time. When we budget for things, like a new phone or laptop, an iWatch or GoPro, or a high tech coffee machine or mattress, we often have to put aside other wants and needs for a few months due to budget restraints. 

Even if we find good deals, or wait to shop until Cyber Monday, the numbers do eventually add up and not everyone can afford to pay, or want to pay for the full amount in one lump sum. What typically happens is a shopper will select a cheaper option that they can afford immediately, but if they had the option to spread out the cost, almost half would choose to buy the more expensive and better product instead. 

Shoppers love the option of spreading their payments over time

In a consumer’s world, money is power. We get to choose where we want to spend our money and how. If we are able to tap into our own purchasing power and manage our cash flow without dealing with a bank, we can have access to what we want, instead of opting for what we can afford. What we need is to get more tech and electronic companies to offer their shoppers alternative payment options. 

Doesn’t alternative payments mean fees and other fine print?

Not always. 

It’s true, a lot of companies that offer alternative payment options do slip in interest and fees into their plans. Splitit, however, does not. 

Splitit is a company that has been dedicated to financial responsibility from day one and has built its payment system as a consumer-friendly, frictionless payment option that requires no additional credit checks or applications from shoppers. 

How does it manage this? 

Look in your wallet. Do you have a credit or debit card? Most likely you do. That’s all you need. Splitit runs off your existing credit, allowing you to pay for items in installments with zero fees or interest. 

From a survey we conducted, 85% of shoppers currently on Splitit plans have stated they would return to purchase if a store offered Splitit, and 76% said they would buy more items at higher prices if they could pay using Splitit. 

If you are a shopper and are interested in this as an option, tell your local electronic store or send a message to your favorite online store! 

If you are a store owner, talk with us today about how we can help you help your customers get the products they want now using deferred payments.