Splitit, a leading monthly payment solution, today announced the launch of its debit card installment payment offering in the US and Europe. Using Splitit, consumers are now able to split their purchases of $400 or less into up to three interest-free monthly payments using their existing debit cards.
Additionally, using Splitit, consumers can continue to split any cost into up to 12 interest-free payments on an existing credit card without the need for applications or registrations for new credit lines. The expansion of Splitit’s payment solution will enhance purchasing power for consumers and enable merchants to offer a wider range of payment options across channels and borders, increasing sales revenue.
Splitit’s technology provides merchants a immediately implementable, consumer-oriented solution that allows customers to split the cost of purchases into interest-free monthly payments with their existing debit or credit cards, online, on mobile or in-store. With the addition of debit cards, Splitit is enabling merchants to offer customers worldwide more choice in their payment method, a move set to improve personal finance management for shoppers, decrease cart abandonment and increase average order value (AOV) for retailers.
While consumer financing solutions incur interest and require an application or registration process, Splitit stands apart as the only solution offering no interest, late fees or penalties, and instant approval with no application, registration or credit check. This allows consumers to continue reaping the benefits of their existing cards, such as miles or points.
“Merchants are looking for ways to empower their customers with more options to make their purchases feasible. Simultaneously, consumers, especially millennials, are interested in solutions that will help them better manage their cash flow,” said Gil Don, CEO and co-founder of Splitit. “With millions of dollars’ worth of purchases at stake, retailers must ensure a seamless, efficient and customer-centered checkout process, and Splitit is the only payment method solution that truly does this – with no applications, no interest and instant approval. We are happy to be increasing consumer purchasing power, which translates to better outcomes for customers and retailers alike.”
The expansion of Splitit’s offering comes as debit cards have grown in popularity among consumers, with the number of debit transactions per active consumer card reaching a record high of 23.6 monthly transactions in the US in 2016. Debt-conscious millennials, especially, have come to prefer debit cards over credit.
One industry increasingly turning to Splitit is fashion. With millennials at its core, fashion retail sees an average order value of $75 for online purchases. Customers of fashion brands using Splitit can divide the cost of their purchases into smaller, more manageable payments automatically charged to their debit card each month. In doing so, shoppers are better able to manage their finances without owing money or incurring interest.