Splitit expands payment options with debit card instalments
Splitit (formerly PayItSimple) has launched a new instalment payment solution for debit cards, writes Julie Muhn at Finovate. The new functionality is available for shoppers at participating merchants in the US and Europe.
The debit card payment tool enables customers to split their purchases of $400 or less into three interest-free monthly payments using their debit card. This is available alongside the company’s flagship offering, which allows customers to split the cost of an item into up to 12 interest-free payments using their credit card, without a credit check or the need to take out a line of new credit.
The New York-based company anticipates the expansion will grow consumers’ purchasing power and allow merchants to offer more payment options and increase sales revenue. Gil Don, CEO and co-founder of Splitit, says: “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.”
Founded in 2013 as PayItSimple, the company serves 800 merchants in 25 countries.
In June 2016, Splitit launched a plugin in Shopify’s app store that allows merchants using Shopify to integrate Splitit into their checkout process.