In a world where credit is growing steadily and discretionary debt has crossed the $1 trillion mark in the United States, Splitit is a company that continues to dedicate itself to its commitment to financial responsibility. Our product helps consumers make better use of their existing credit limits by spreading costs over monthly installments and helping them manage their cash flow within their means.
“I appreciate your service as I’m a single mom of an autistic child and finances can often be tough considering. (Splitit) has allowed me to give my child lovely dolls.” – Anonymous survey responder
How does this work? Splitit is the only credit card based installment payment solution. This solution provides your customers the opportunity to split their payments into monthly installments with no fees, zero interest, and without having to go through an application or credit check. It even allows them to continue to take advantage of their rewards program on their card. There are no extra steps required to take advantage of this payment plan. They simply select Splitit as their payment option at checkout and insert their information like normal. It’s seamless.
Splitit is constantly trying to improve our product and its impact on end consumers, which is why we regularly reach out to the shoppers who are currently using our installment plans for feedback. We already know and love our product, but even we were blown away by some of the results!
Splitit Scores Top Reviews
From a study of more than 250 shoppers currently in the process of a Splitit payment plan, conducted in collaboration with our merchant partners, we found that shoppers are not just satisfied with the Splitit payment option…they love it!
“I think (Splitit’s) service is excellent! Please make it more widely available!” – Anonymous survey responder
In a world where Yelp and Google reviews are more valuable than gold, Splitit scores a 4.7 in “Satisfaction” and a 4.8 for both “Ease of Use” and “Likely to Recommend to a Friend.” These nearly perfect ratings across the board prove that the overall Splitit experience is top-rate, and encourages us as we continue to expand and develop our solutions.
Why Shoppers Love Splitit
From the responses we received, we can identify that shoppers love Splitit, because our product helps them gain more access to their own purchasing power, with 48% stating they used Splitit to purchase more expensive items, and 28% to purchase more items overall. Shoppers also love the fact that they can better manage their cash flow, that they don’t have to apply for credit, and that there are no fees or interest (see infographic below). 85% of shoppers said they would return to purchase from a store again if they offer Splitit and 76% said they would buy more items at higher prices if they could pay using Splitit.
Splitit has worked hard to create a payment solution that is so easy to understand that very little education is required of customers. Consumers have responded very positively to our communications and customer service, giving Splitit a score of 92% on having clear communication, with 90% of shoppers saying they never even needed to use customer support.
One survey responder even left us a note stating, “I think your service is excellent. You communicate with the customer perfectly and I appreciate the monthly update when you collect my direct debit.”
Why Merchants Love Splitit
Merchants love the seamless integration into their checkout process, which is integrated and supported 100% by the Splitit team. Splitit also provides access to 1 billion shoppers worldwide, working on shoppers’ existing credit cards (Mastercard, Visa, UnionPay), has the highest approval rate, and has the quickest checkout available online, in-store and on mobile.
In a data-driven world, the numbers matter: Splitit has proven to increase conversions on average: +12% increase in sales, +80% increase in average order value, and -11% decrease in cart abandonment.
“It would be nice if there (were) more shops that offered Splitit.” – Anonymous survey responder
Consumers want this as a regular option everywhere. It’s the payment option of today and tomorrow! We received so many comments on our survey about wanting Splitit to be available in more stores, which is why we continue to work tirelessly to share with merchants around the world about our installment plans.
Splitit is the perfect payment solution for a seamless and consistent shopping experience. But don’t take our word for it, come see for yourself how Splitit can be the perfect addition to your checkout page and how it can help grow your business. Schedule your free demo today.