Splitit makes Byte’s customers smile (literally)
increase in conversion
decrease in sales close time
Partnering with Splitit
Byte’s mission is to break down traditional barriers that have prevented people from accessing teeth-straightening technology. To achieve this, it needs a range of payment solutions that are as customizable as its products.
With an AOV between $1,850 and $2,900, many customers require a flexible way to manage the cost of their aligner system.
Before partnering with Splitit, Byte offered up-front payment, in-house financing, and finance plans through external partners. However, customers and stakeholders alike were asking for an option that could serve people who didn’t want to pay interest or take out another line of credit. Splitit filled this gap.
With Splitit, Byte customers now have access to a card-based buy now, pay later solution in which they can choose to pay in up to 24 installments.
“Our customers historically have been overlooked by traditional orthodontia. This is a sizeable investment for them. Once they understand how Splitit works, they think ‘oh this totally makes sense – why wouldn’t I do this?’” says Manny Rubianes, Sales Director.
How Byte uses Splitit to improve business
Partnering with Splitit didn’t only help Byte support conversion at the tail-end of a transaction – it added a new layer to the overall journey and sales strategy.
Byte also offers traditional financing options and a popular finance-based buy now, pay later platform – however, Rubianes says the credit threshold can often be too high for many customers. As part of their mission to provide a solution for people across all financial backgrounds and preferences, Byte’s partnership with Splitit has enabled them to reach a new audience. 92% of customers who choose to pay with Splitit on their existing credit card are approved.
Splitit helps Byte to build a tailored package for these people, who are more likely to convert when they’re offered a card-based buy now, pay later option: after adding Splitit’s 12-month option, the brand saw a 15% increase in conversion. When they scaled to the 24-month Splitit option, Byte’s conversion rate grew another 15% and sales close time decreased 30%.
Splitit as a sales strategy
After seeing so much success, the team has incorporated Splitit into the onboarding process. It’s now part of the early stages of customer discovery, in which sales reps ask qualifying questions to understand potential customers’ budgetary needs. They identified a segment of customers who have credit cards with available credit for the full purchase price, but are looking for a more flexible payment option.
The team notes that many customers are excited by a solution in which they pay less interest on their credit card overall, as Splitit allows them to make payments in smaller installments. The easy integration works well within Byte’s fast-paced call center environment.
It has become the preferred option for the sales team because it’s quick and simple for reps to explain the platform, enter the customer’s card details, and let them know they’ve been approved (without needing to undergo an additional credit check). In fact, the overall NPS for the sales team increased by 10% after they began using Splitit.
“For us, it’s all about understanding our customers upfront and creating a solution that fits their needs,” Rubianes says. A natural fit with Byte’s flexible approach to sales and conversions, Splitit has allowed them to expand their diverse customer base.
How Splitit supports growth
Rubianes says that the impact of the partnership has been showcased by the brand’s recent performance. There’s been a clear increase in sales in relation to how much sales reps are leveraging Splitit.
And that’s just the beginning. With plans to diversify its product range and grow into other geographies, Byte needs an agile provider that can keep up with its customers and its wider business goals.
“As a start-up we’re moving a million miles an hour,” Rubianes says. From a partnership perspective, Byte jives well with Splitit’s model of close collaboration and quick response times. Byte customers love the frictionless experience, which integrates seamlessly with existing platforms to facilitate quick transactions.
Splitit aligns with Byte’s brand, from the product to the business model. As well as driving customer acquisition today, it’s a partnership that’s designed to scale and support Byte’s international growth, tomorrow and beyond.
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