Splitit Ramps Up Its Card Operations for Users

August 29, 2018         By: Steven Anderson

Splitit has been offering up word about its offerings for some time now, from its ability to introduce a kind of layaway plan to its work in the healthcare field. Now, it sent word about a new move it’s planning in consumer purchasing, offering more options to the shopper who plans to make a bigger purchase in a less-than-normal fashion.

The latest moves from Splitit capitalize on the company’s standard fare of offering monthly installment plans for just about any purchase. Now, thanks to its Multi-Card Payment plan, customers can make those monthly installment plans on several different credit and debit cards at once, while continuing to pay for an item in the standard, interest-free, monthly installment they could already enjoy.

With the Multi-Card Payment plan, customers can take advantage of different rewards programs by using different cards. It also works well for anyone who’s approaching the credit limit on one card, as it allows for a smaller purchase on one card and then a transfer to another card with more room on it.

This is good news for retailers, as a Google Consumer Surveys report found that 27 percent more consumers are more likely to make a purchase when the ability to spread out the purchase over several cards is available.

That wasn’t all that came out of Splitit, though, as it also rolled out the Deferred Payment solution, which allowed users to defer payments until the end of a 90-day trial period. Since over 43 percent of customers say that a trial program would make them more likely to make a purchase—since there’s less risk of getting something you don’t want that way—it’s another option that will put fresh life in merchants’ pocketbooks.

Some here might say that this is just continuing evidence of Americans’ fascination with instant gratification, and it would be hard to turn them away completely. The alternative explanations—the desire for trial periods, access to multiple rewards systems—are valid, but seem a bit tepid in the face of the “I-want-it-all-and-I-want-it-now” drive that seems to hit so many.

Leaving aside the morality scold, though, this is likely to be a useful effort going forward. That trial period certainly sounds appealing—anyone who’s had buyer’s remorse over a purchase understands that one—and the rewards scheme sounds likewise.