What is Splitit?
Splitit is a global payment solution enabling shoppers to pay for purchases with an existing credit card by splitting the cost into interest-free monthly payments.
How does Splitit work?
Splitit requests authorization from the shopper's card company, reserving the total purchase amount from the shopper's available line of credit. Then, each month, according to the shopper's payment plan, the installment amount is collected and Splitit requests authorization for the remaining balance.
Here is an example of how the service works for a customer placing an order with Timepieces International for $300 in 3 installments of $100 each:
1. Splitit obtains authorization from the credit card company for the full purchase amount of $300. This is not a charge on the card; it is simply reserving $300 from the shopper's line of credit.
2. The credit card company then charges the shopper $100 for the first payment.
3. During the second month, Splitit requests authorization for the outstanding purchase amount of $200, and charges the shopper the second installment of $100.
4. This authorization and charge process continues until the full $300 is collected.
Is there an application process for Splitit?
Splitit requires no application or registration. There is an instant approval by using the shoppers existing credit/ debit card level.
What fees does Splitit charge me?
You will not be charged interest and there are no hidden fees.
Which cards are supported by Splitit?
Splitit is supported by Visa and Mastercard credit cards..