NEW YORK, August 29, 2018 /PRNewswire/ --
Splitit, the leading global monthly installment payment solution, today announced the launch of its Multi-Card Payment offering allowing customers to split the cost of a single purchase between multiple credit and debit cards while continuing to pay in interest-free monthly installments. In addition, Splitit launched its Deferred Payment solution allowing users to defer payments for an item until the end of a trial period of up to 90 days.
"Consumers are not only seeking more payment methods at checkout to better afford their purchases; they are looking for more flexible, frictionless options that take into consideration their personal finances and increase their purchasing power," said Gil Don, CEO and Co-Founder of Splitit. "Allowing consumers the ability to split the cost of purchases between multiple credit or debit cards or make their first payment after trying out a product is a plus for consumer affordability and a boon for merchants' sales."
Split Installments Between Multiple Cards
Splitit's Multi-Card Payment solution allows consumers to use multiple cards when making a purchase in installments, decreasing the potential of reaching their credit limit. Consumers can also take advantage of multiple rewards programs when using more than one card on a purchase. The offering is equally beneficial for retailers; according to a recent survey conducted by Splitit with Google Consumer Surveys, 27% of consumers are more likely to make a purchase if they have the option to use more than one credit or debit card.
Get Now, Pay Later
The Deferred Payment solution, which grants consumers a trial period of up to 90 days before making a purchase in full or in installments, is the only deferred payment offering with no late fees and no interest. With over 43% of consumers reporting that such an option would make them more likely to complete a purchase, the solution is set to raise merchant revenue. For shoppers who are unsure of an item or who would benefit from paying at a later time, the feature enables customers to try out an item and pay in installments after they've decided to keep it, allowing them to better manage their cash flow.
While most other deferred payment offerings on the market require an application, Splitit offers credit card holders a solution with no registration, as well as no minimum age, proof of residency, credit check or any additional payment actions after purchasing. The deferred payment solution can also be used as a guaranteed deposit. This increases consumer purchasing power while guaranteeing the deposit for the merchant, regardless of whether the consumer decides to complete or cancel the purchase.
As the average American owns 2.6 credit cards and deferred payment systems become more popular among consumers, Splitit's new offerings empower customers with additional payment choices. These payment solutions hold particular value for debt-conscious millennials, 46% of whom feel dragged down by bad credit scores. Flexible payment plans are becoming more appealing to consumers as well as to online merchants, for whom increased options often translate to increased sales; 40% of credit card users claim they would increase the size of their purchase if given the ability to pay in installments.
Splitit is a payment method solution enabling customers to pay for purchases with an existing debit or credit card by splitting the cost into interest-free monthly payments, without the need for additional registrations or applications. Splitit enables online retailers to offer their customers an easy way to pay for purchases in monthly installments with instant approval, decreasing cart abandonment rates and increasing revenue. Serving many of Internet Retailer's top 500 merchants, Splitit's global footprint expands to 1,000 merchants in 25 countries. Headquartered in New York, Splitit has an R&D center in Israel, and an office in London.