Receive funds from installment transactions upfront

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What is the difference?

How does a funded plan work differently to a standard plan?

With a funded plan the business gets paid for the purchase upfront, whereas with a standard plan, the business will receive the funds each month, as the shopper pays their installment.

Here is an example of what the payment process would look like for a shopper purchasing a product for $1,000 and choosing to pay it off over 4 months.

How does a funded plan work?

The Shopper purchases a product for $1,000 and chooses to pay in 4 installments, over 4 months.

Splitit funds the full purchase amount of $1,000 (minus Splitit’s fee) to the Merchants bank account.

The Shopper continues to pay the monthly amount of $250 into the Merchant’s bank account over 4 months.

Splitit debits the shopper payments from the Merchant bank account each month, over 4 months.

How does a standard plan work?

The Shopper purchases a product for $1,000 and chooses to pay in 4 installments, over 4 months.

The merchant will receive a payment of $250 (minus Splitit’s fee) every month until the full amount of the purchase has been paid off.

Do you have questions about funding?

You can find answers to our most commonly asked questions here. If you can’t find what you’re looking for, please visit our Support centre where you’ll find lots more answers, plus you can live chat with us.

Frequently asked questions

There are certain requirements that a business needs to fulfil in order to become funded:

a) Your business must be registered in the United States, Canada, UK, Germany or Australia.

b) Your company needs to have been in business for more than 1 year.

c) Your business needs to achieve an annual revenue of $500k or more.

In this case, if the card expires or is canceled, the customer has a 7 day grace period to update their information in their portal.  If it isn’t resolved within the 7 days then the remaining amount owed (pre-authorization remaining) is then charged.

Splitit eliminates the credit risk for the merchant. We guarantee the full amount of the purchase so there is no risk that the merchant will not receive the payment.

All transactions are paid to the merchant within 3 business days.

Before you can apply for funding, you first need to set up your business account and complete the onboarding process. Once this is done, you can apply for funding. Applicants must go through KYC and an underwriting process in order to be approved.

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