Splitit (ASX: SPT), which claims to be the “only” white-label service allowing customers to pay by installments using their existing credit on their payment card at checkout, has announced a new super-fast white-label payment experience, SplititExpress.
This experience “enables checkout in under 2-seconds and also supports installment payments via GPay and ApplePay.”
Ran Landau, Chief Technology Officer, Splitit, said:
“Splitit’s unique solution utilizing available credit on payment cards in the checkout enables us to build a super-fast, frictionless experience that drives the highest conversion, with approval rates of over 85%. The flexibility of the new mobile-first experience offered by SplititExpress also provides a significant advantage for merchants. They can add their own branding and messaging, as well as choose the monthly or bi-weekly payment options that are best suited to their customers. This level of customization is unmatched by legacy buy now-pay later providers in the market, and is likely to be a major selling point for merchants looking to improve their customers’ payment experience.”
The white-label, or merchant-branded, experience “offered by SplititExpress reduces the clutter and confusion multiple payment logos create in the checkout.”
Splitit’s white-label service “gives its merchant partners the opportunity to drive brand loyalty and repeat purchases while also reinforcing the merchant’s own brand consistency.”
Furthermore, merchants reportedly “retain full ownership of their customers’ journey and first-party data, an invaluable asset for building long-term customer relationships and improving the overall shopping experience.”
Landau added:
“By using cutting-edge technologies, our engineering team has not only improved the speed and performance of our solution, they have delivered the most seamless card-attached installment experience in the market. Reducing technical uplift for our Merchants is always top of mind at Splitit, that’s why SplititExpress can be embedded into their checkouts by simply adding a few lines of code. The result is an end-to-end process that takes less than 2-seconds for a consumer to pay with installments, compared to the average 1 to 2-minutes that even the fastest legacy BNPL’s offer.”
Instead of originating new consumer loans, Splitit claims it “unlocks existing consumer credit on payment cards for 0% interest1, pay-over-time installments.”
Any consumer with available credit “on their credit card is automatically pre-qualified to use Splitit for the value of that available credit.”
There’s reportedly no application, registration or redirects and no additional interest, hidden fees2 or credit checks.