Splitit’s New Checkout Technology Enables Mobile Installments in Under Two Seconds
Splitit, the buy now, pay later solution provider and the only white-label service allowing customers to pay by installments using existing credit on payment cards, has launched a new, even faster payment experience, SplititExpress. The checkout feature is supported by GPay and ApplePay and enables shoppers to checkout in under two seconds.
And by using cutting-edge technologies, said Ran Landau, chief technology officer at Splitit, the Splitit engineering team has not only improved the speed of its product but also its performance.
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“They have delivered the most seamless card-attached installment experience in the market,” said Landau. “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 two seconds for a consumer to pay in installments. Splitit says this can be compared to an average of one to two minutes seen by other buy now, pay later solution providers.
According to Landau, Splitit’s unique solution, which utilizes available credit on payment cards at checkout, is what enables the company to build its fast, frictionless experience. He went on to say that this experience “drives the highest conversion, with approval rates of over 85 percent.”
SplititExpress is designed to reduce clutter and confusion multiple payment logos create at checkout, allowing Splitit’s merchant partners to drive brand loyalty and repeat purchases while also reinforcing brand consistency. The flexibility of mobile-first allows merchant partners using SplititExpress to add their own branding and messaging as well as cater to their customers with either monthly or bi-weekly installment options.
These customized options for the customer experience, said Splitit, have been shown to drive loyalty and repeat purchases. Merchants will retain full ownership of the customer journey and first-party data.
“The flexibility of the new mobile-first experience offered by SplititExpress provides a significant advantage for merchants,” said Landau. “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.”
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