Splitit, a split payment service provider, using its pioneer Installments-as-a-Service platform has launched a new method to empower instalment payments. With this new initiative, Splitit will use credit on payment cards of active customers in order to streamline their checkout experience integrated into the ongoing payment flow.
BNPL is offering increased sales to vendors, but at the same time, they also make them lose customers and face reduced checkout conversion as customers find it more time-consuming. Consumers also try to stay away from the buy now pay later system with increased regulatory checking process and sparse credit approval rates. An Installments-as-a-Service platform of Splitit removes these problems, turning it into a valued payment service for vendors.
Nandan Sheth, CEO, Splitit, said, “Splitit is not a payment method. We are not an offers engine using harvested data or a super app in the making. We are a top-of-wallet service that empowers consumers, merchants, processors, networks and issuers. We are the only instalment platform to offer a unified global experience by utilizing existing payment rails. The appeal of Splitit is that any consumer that has used their card to make a purchase will intuitively find our solution an easier way to pay. The first phase of our plan is to bring our white-label solution to acquirers, merchants, and independent software vendors (ISVs) in the US. But our future vision is to scale globally, offering a consistent experience for cross-border and global markets.”
Installment-as-a-Service of Splitit with its single global API turns out to be the easiest BNPL option for vendors to execute. It integrates into the ongoing acquirers, and checkout process, enabling vendors to employ the same processor used by them on the same day. The setup of the API for local or global payment can be done in a few days or weeks.