Splitit provides merchants with credit card-linked payment installments fully embedded within the Shopify checkout.
Splitit, a provider of installment payments on credit cards, has introduced its new offering – Splitit Card Installments, a fully embedded Shopify app.
The new solution is available on the Shopify App Store, an online marketplace where Shopify merchants can find and install apps to enhance their e-commerce stores with tools for marketing and SEO, customised designs, invoicing, accounting, and financing features, customer support, tools to boost sales and conversion, order tracking, dropshipping, and logistics solutions.
Splitit Card Installments enable merchants to integrate installment payments directly into the checkout process. Unlike traditional Buy Now, Pay Later (BNPL) services, which are now the most popular type of consumer credit, witnessing growing demand, Splitit allows customers to use their existing credit cards when they pay in installments without applying for a new loan. There are no applications, fees, or additional interest for shoppers.
With Splitit, customers simply select the installment option at the checkout while purchasing things on Shopify, enter their card details, and choose their preferred number of installments. The solution is fully embedded within the checkout experience and includes credit card processing, making it a seamless and convenient payment option.
Ran Landau, CTO of Splitit, stated that their Embedded Shopify App represents a major advancement in installment payments. He explained that the solution removes the typical friction associated with pay-over-time options, which often leads to cart abandonment. Landau highlighted that the white-label approach allows merchants to offer branded, one-click installment payments, retaining full control over the customer experience and data. For shoppers, he noted, it provides seamless financial management without leaving the merchant’s platform. He emphasized that this innovation would help merchants attract and retain customers in a competitive e-commerce market, where every checkout delay might result in cart abandonment.
The new app supports shoppers in over 100 countries, allowing merchants to provide localized installment payment options tailored to different markets and cater to a diverse global audience, enhancing the shopping experience with familiar and convenient payment methods. This localization not only improves customer satisfaction but also helps merchants expand their reach, tap into new markets, and unlock additional revenue streams by making their products more accessible to international buyers.
Shopify, as a SaaS platform, also benefits from the embedded finance solutions it hosts. From Shopify App Store to Shopify Capital, and its latest unified administrative portal, Shopify Finance, the e-commerce platform offers its business clients added value and convenience, enjoying enhanced loyalty, retention and acquisition levels. Last year, Shopify witnessed a 20% growth in active online stores on its platform.
