Splitit – A Better Option for payments?

splitit monthly payment

One of the biggest stumbling blocks for the average shopper is not having the immediate expendable cash to make the purchases they really want. It’s not always a case of not being able to afford something in general. Big-ticket items, however, can put too much immediate strain on a bank balance and there are often other priority bills to consider. 

One option that’s sometimes available is paying by finance. This allows the buyer to make smaller payments over a longer term but there are other downsides to consider. For example, these finance plans often come with unfavourable interest rates that mean you’re paying much more for the item overall. There’s also the chance that you’ll be turned down by a credit check and then have your credit rating negatively impacted. 

Splitit is a payment option that allows buyers to pay for the items they really want at the most convenient way for their circumstances. Before we cover the benefits for both shoppers and merchants, let’s take a quick look at the products that Splitit offer.

Monthly Instalment Payments

splitit monthly payments

With Splitit, shoppers can make purchases with monthly instalments that work best for their finances. Using an existing Visa or Mastercard, the shopper can choose to make up to 36 monthly payments to cover the cost of their purchase. A major benefit of this is that these payments are interest-free which means the buyer is not forced to pay more for the item by paying over a larger period.

Buy Now, Pay Later 

The Splitit buy now pay later option allows shoppers to try out their purchases for 90 days before deciding whether they want to keep it or not. If this wasn’t enough of a reason to use it, this option then allows the buyer to decide how they want to pay for the item if they want to keep it. Options available include paying for the item in pull or setting up a monthly interest-free instalment plan to cover the cost.

Split Pay

The split pay option offered by Splitit allows the shopper to pay for an item by using two different existing credit cards. This option is suitable for people who don’t have the required balance to pay for the item on one credit card but can cover the cost over two cards.

How Splitit Works

One of the benefits of Splitit is the fact that it’s so easy to use whether you’re shopping online at home or buying from a brick and mortar store on the high street.

With online stores, shoppers use the traditional checkout system that we’re all familiar with. At the point of purchase, the buyer simply selects the Splitit payment option from the usual list of credit/debit card or Paypal payment methods. Once Splitit has been selected, the shopper will fill in a couple of details about how many monthly payments they’d like to make or details of credit cards they’d like to split a payment with.

In brick and mortar stores, merchants can make use of computers or tablets to allow the shopper to make use of the Splitit payment options.

The good news here is that Splitit is also optimised to work with mobile shopping so there will be no issues with phone or tablet payments.

Shopper Benefits

There are several benefits of using Splitit as a shopper. Firstly, the monthly instalment payments make it easier to buy big-ticket items without having to negatively impact your current bank balance. Of course, this can be the difference between being able to afford to buy an item or not.

On top of this, the fact that the monthly payments are interest-free means that you’re not being penalised for not immediately paying for the item in full. With traditional finance deals, you’re actually taking out a loan to pay for the item and then end up paying much more than the product’s value due to unfair interest rates. 

Because Splitit makes use of existing credit cards, you’re not having to go through a credit check that could harm your credit rating. You’re also not plunging yourself into more debt just to buy an item. 

Likewise, the split payment option means that shoppers can buy larger value items by spreading the cost across multiple existing credit cards. Again, this means no credit checks are required and no new loans or credit need to be applied for.

Merchant Benefits

Merchants offering easier ways for shoppers to pay will benefit from increased sales for several reasons. With Splitit, customers who would otherwise be unable to afford to make more expensive purchases will now have an option that makes it viable. This opens up an entirely new demographic of potential buyers that wasn’t previous there for merchants to tap into. 

In turn, Splitit paves the way for higher ATV values (average transaction values) as customers feel more comfortable paying for higher cost products over larger payment periods.

The fact that Splitit’s monthly payment instalments require only existing cards and no credit checks also means that a large majority of customers wanting to make use of this payment method will be approved. As such, that leads to easier ways to pay for the shopper and more transactions for the merchant. 


Ultimately, Splitit provides many benefits to both shoppers and merchants. Having the ability to split payments into monthly interest-free amounts or over several cards allows the average shopper to access more expensive items much easier. As a bonus, the fact that these payments are interest-free means the shopper isn’t punished for not wanting to pay in full immediately.

Likewise, merchants providing Splitit as a payment option are likely to see both increased sales and higher ATV as more customers will be able to afford to buy their products.

Splitit is the kind of payment option I would want to make use of when buying something more expensive like a new TV or computer. It would also come in handy around the Christmas period when buying gifts can be an expensive and daunting immediate cost to lots of people. Being able to split the cost over several existing cards or interest-free payments would certainly reduce stress around these costly periods of the year. 

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Written by themoneyshed

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