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.
Digital marketing executive with proven experience in all aspects of search engine optimization (SEO), performance-based advertising, consumer-generated/social media, email marketing, lead generation, Web design, usability, and analytics. - 20-year Internet marketing veteran, currently serving as the Digital Marketing Campaign Manager at Antenna Group (formerly Chicago Digital). - Former Editor-In-Chief of Website Magazine, and a regular speaker on Web technology digital marketing strategy - Author of several books on digital marketing Including Web 360: The Fundamentals of Web Success; Affiliate 360: The Fundamentals of Performance Marketing; Domains 360: The Fundamentals of Buying & Selling Domain Names, and SEO 360: The Fundamentals of Search Engine Optimization.