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Splitit
Financial Services
Atlanta, GA 11,237 followers
Splitit powers the next generation of Buy Now, Pay Later (BNPL) through our merchant-branded Installments-as-a-Service.
About us
Splitit powers the next generation of Buy Now, Pay Later (BNPL) through our merchant-branded Installments-as-a-Service platform. We solve the challenges businesses face with legacy BNPL while unlocking BNPL at the point of sale for card networks, issuers and acquirers, all through a single network API. It’s a new day for payments—one where your shoppers can keep earning the credit card rewards they love, choose the number of installments, and gain a level of control that traditional “buy now, pay later” providers can’t – or won’t – give them.
- Website
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https://www.splitit.com
External link for Splitit
- Industry
- Financial Services
- Company size
- 51-200 employees
- Headquarters
- Atlanta, GA
- Type
- Public Company
- Founded
- 2012
- Specialties
- installment payments, consumer credit, merchant services, ecommerce, payments, omnichannel retail, embedded installments, white label installment, and card-attached installments
Locations
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Primary
5901 Peachtree Dunwoody Road
Atlanta, GA 30328-7188, US
Employees at Splitit
Updates
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The rise of Buy Now, Pay Later services (BNPL) has significantly influenced consumer behavior, particularly among Gen Z. Read Nandan Sheth’s latest Forbes article "Debunking 5 Myths Around Gen Z and BNPL" which highlights some common misconceptions about Gen Z and their relationship with BNPL and card-linked installments. Myth 1: Gen Zers are the least concerned about BNPL loans impacting their credit scores. Myth 2: Gen Z is ditching credit cards in favor of traditional BNPL services. Myth 3: Gen Z primarily uses BNPL for low-cost items. Myth 4: BNPL will enhance retention of younger shoppers. Myth 5: Only low-income shoppers want to pay with installments. Read the full article to discover the insights: https://lnkd.in/eGKM_Fqq #GenZ #BNPL #FinTech #CreditCards #MythBusting #ConsumerTrends #SmartShopping #FinancialEducation
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We're thrilled to sponsor The Lead Summit in NYC on July 10-11! Over 2,500 attendees come to experience one of the best speaker lineups in the industry, featuring 180 speakers from Target, New Balance, Kenneth Cole, PVH, Tapestry, Calvin Klein, Roots, H&M, Poppi, COS, and many more. This year’s agenda is packed with insights on navigating shifting consumer behaviors, leveraging AI, and unlocking customer data for growth. Don’t miss the networking opportunities, including The Hosted Meetings Program, a Sunset Yacht Cruise, and our very own exclusive CEO dinner. We look forward to seeing you there! Don’t forget to register! Brand & Retail friends, you can use the link here to take advantage of FREE registrations while they last! https://lnkd.in/g6XJ6Fhn Non-Brand, Non-Retail friends, you can use the link here for 25% off. https://lnkd.in/ePFbgjqF
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A new report from Splitit and PYMNTS, “Merchants’ Evolving Perspective on the Value of Card-Linked Pay Later Plans”, reveals that consumers spend twice as much when using credit card-linked installments compared to traditional BNPL. Nearly 90% of merchants see these installments as key to boosting customer acquisition and retention. Demand for card-linked installments is growing as it caters to customers who may not need new credit but value a faster checkout process—a segment largely ignored by traditional BNPL. Merchants also appreciate that keeping installments on an existing card simplifies returns and other back-office processes. Other Report Highlights: 72% of merchants rate card-linked installments as their top choice. Consumers typically spend over twice as much on retail items when using card-linked installment plans compared to Buy Now, Pay Later (BNPL) options. Over 1/3 of merchants believe their customers are very or extremely likely to switch to retailers that offer card-linked pay later plans, a sentiment that has risen 164% since December 2023. 82% of merchants confirm an increase in card-linked installments for in-store purchases over the past twelve months, compared to 67% reporting an increase in BNPL use in-store during the same period. 53% of merchants believe that consumers would purchase higher-priced items or services if they were aware of card-linked installment options prior to checkout. Discover how card-linked options are revolutionizing the pay-later landscape and why they are fast becoming the preferred choice for consumers and merchants. Read more about these insights and get the full report here! https://lnkd.in/gZh5zFmw
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We're thrilled to release our second Acquirer Survey, conducted in partnership with PYMNTS, titled "Navigating New Norms: The Use of Card-Linked Installment Plans in Online and In-Store Sales." Our findings underscore a strong preference among acquirers for card-linked installment plans, recognizing their potential to significantly enhance sales and revenue. Over half of the acquirers expressed concerns that not offering such services could result in missed business opportunities. The report highlights that 94% of acquirers believe implementing card-linked installment plans can greatly improve merchants’ sales. Furthermore, those acquirers who integrate these plans seamlessly are poised to capture a larger market share. According to the survey of 50 acquirers: 82% believe that providing card-linked installment plans leads to increased sales volume — a significant rise from 64% six months earlier. 56% prefer merchants to offer general-purpose credit card-linked plans, compared to 42% for Buy Now, Pay Later (BNPL) options. 87% report higher client satisfaction with card-linked installment plans. 66% are currently innovating or planning to innovate card-linked installment offerings in the coming year. These insights reveal a dynamic shift towards embracing flexible payment solutions that not only meet merchant needs but also align with consumer expectations. Read the full report: https://lnkd.in/emCMejVz
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Our latest study with PYMNTS highlights a strong preference among acquirers for card-linked installments, citing their potential to significantly boost sales and revenue. Additionally, more than half of acquirers are concerned that failing to offer this service might lead to lost business opportunities. Continue reading to discover how innovative payment options can satisfy consumer demands and propel growth.
Implementing card-linked installment plans could significantly boost sales, say 94% of acquirers. PYMNTS Intelligence’s latest study with Splitit explores how innovative payment options meet consumer demands and drive growth. https://lnkd.in/ecTCCTaa
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Splitit had a fantastic time at the Atlanta Pride Run. We registered as a team and called ourselves the Split Squad for the race. Embracing this year's theme, "Right Where You Belong," we celebrated diversity and inclusion together. Proud to support such an inspiring community event. #PrideRun #TeamSplitit #RightWhereYouBelong #PrideMonth
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Data from the Federal Reserve Bank of New York indicates a spike in credit card delinquencies, especially among young adults. The U.S. now shoulders a hefty $1.12 trillion in credit card debt, with 8.9% slipping into delinquency. A significant driver? The $46 billion in "phantom debt" from Buy Now, Pay Later (BNPL) schemes. Read more in Nandan Sheth's latest Forbes article: https://lnkd.in/exQ4yNd2
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Phantom debt is having a 'seismic impact' on consumer credit! A new Federal Reserve report highlights a concerning rise in credit card delinquencies, especially among young adults, with a staggering $1.12 trillion collectively owed, of which 8.6% fell into delinquency last year. The hidden culprit? Phantom debt from Buy Now, Pay Later schemes amounting to about $46 billion, silently escalating financial pressures and pushing up delinquency rates. Discover how this "ticking time bomb" impacts consumer credit and what measures are being taken to protect and empower consumers in our full story, including a conversation with Brad Smith Yahoo Finance and Nandan Sheth. #FinanceEducation #PhantomDebt #GenZFinance #BNPL
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We're excited to announce that we are sponsoring CommerceNext 2024, taking place June 11-13. Join us for three dynamic days of visionary keynotes, actionable insights, and valuable networking opportunities. Register now to connect with the Splitit team and other industry leaders. Secure your spot here: https://lnkd.in/ejExR9dP #CN2024
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