Splitit is launching a new white-labeled payment offering called SplititExpress.
The new tool supports installment payments via GPay and ApplePay, and helps customers check out in under two seconds.
The merchant-branded checkout experience eliminates the typical visual clutter of online checkout interfaces by removing logos.
Buy now, pay later (BNPL) company SplitIt is launching a new white-labeled payment offering called SplititExpress. The new tool enables companies to facilitate a checkout process that takes fewer than two seconds while also supporting installment payments via GPay and ApplePay.
SplititExpress allows for a merchant-branded experience that eliminates the visual clutter by removing multiple logos and checkout options. It also empowers businesses by giving them full ownership of their customers’ journey and first-party data.
Splitit’s Installments-as-a-Service product is a BNPL tool that leverages Checkout.com’s payment-acquiring capabilities to enable consumers to pay for a good or a service in installments, interest-free. The Installments-as-a-Servce tool differentiates itself from traditional BNPL offerings, however, because it is completely white-labeled and offers customers a merchant-branded experience. Because of this, during the checkout flow, customers are not redirected to a third party. What’s more, because Splitit relies on a consumer’s existing credit card, the company does not require additional credit checks. All of this results in less friction for the customer and better control over customer relationships for the merchant.
“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,” said Splitit Chief Technology Officer Ran Landau. “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.”
SplititExpress also enables merchants to add their own branding and messaging, and choose the repayment option that best suits their customers. By helping merchants customize these details of the payments experience, SplitIt anticipates it will help improve the overall user experience during the checkout process.
Founded in 2012 as PayItSimple, Splitit is based in Atlanta with offices in London and Australia, as well as an R&D center in Israel. The company is listed on the Australian Securities Exchange (ASX) under ticker code SPT and also trades on the US OTCQX under tickers SPTTY and STTTF. In recent years, Splitit has partnered with Stripe, Shopify, and Alipay to act as an Installments-as-a-Service option for their merchant clients.
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