Installment Payments Come to the Web with Splitit
Would consumers buy more, or buy more often, if online merchants offered alternative models for payments?
That has been the hope for many years, and sellers have tested a variety of methods to do so (mostly offering up several different modes of payments or solutions like BillMeLater).
There's definitely an opportunity for those Internet retailers that can successfully help their consumers hurdle the payment obstacles, particularly when it comes to premium goods and services.
One solution that caught our attention recently at Website Magazine has been that of SplitIt. The solution allows merchants to offer "personalized" installment payments to customers using their existing credit card, dividing the total cost across as many interest-free payments as they choose (without having to complete a credit application or qualify for a new credit line).
Think of SplitIt as a layer between the merchants' platform and the payment gateway. Essentially, new installment transactions are sent to SplitIt (instead of being sent to the gateway). SplitIt then relays the transaction to the existing gateway at the appropriate time.
SplitIt supports almost of the major payment gateways - from BrainTree to Checkout.com - and offers several methods for integration including a Web API, embedded code and even a virtual PO for offline retailers and support centers.