Buy now, pay later (BNPL) provider Splitit on Tuesday (May 17) unveiled an Installments-as-a-Service platform that relies on consumer credit on payment cards to streamline the checkout experience embedded in merchants’ existing payment flows, according to a company press release.
Splitit’s white-label installment plug-in allows consumers with an available balance on their credit cards to use the service with no application, interest or fees and no changes to their credit reports.
“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,” CEO Nandan Sheth said in the release.
“The first phase of our plan is to bring our white-label solution to acquirers, merchants, and independent software vendors (ISVs) in the U.S.,” he added. “But our future vision is to scale globally, offering a consistent experience for cross-border and global markets.”
Splitit uses a global application programming interface (API) to embed its Installments-as-a-Service platform into existing acquirers and the current checkout flow, allowing merchants to use the same processor they currently use.
University eCommerce platform OCM, which powers digital commerce for millions of students, parents, faculty and staff, is the first to implement Splitit’s white-label installment solution.
“OCM has been a client of Splitit’s for two years with strong success and positive customer reviews. We like the Splitit white-label strategy,” said Amit Gaur, chief information officer and chief technology officer of OCM. “We are working with Splitit to optimize the discovery, checkout and post-sales experience and are looking forward to launching the new service in Q3 of 2022.
“It could achieve 4x greater conversion, 30% higher average order value, and grow to over 50% of our checkout by embedding the capability within the existing purchase flow.”
Last week, Splitit joined the Visa Ready for BNPL program to give its customers flexible payment options “and the transparency, control and budget management capabilities they demand.”
The New York-based company is one of several BNPL firms to have signed up for the Visa program, which also includes Cybersource, Equinox, Everyware, FIS, Global Payments, i2c, Juspay Technologies, Marqeta, ONTAB, Peach Finance, Provenir, Quest Payment Systems, Skeps, Sutton Bank and Visa DPS.