Splitit is a payment plan tool that allows merchants to offer payment plans to their customers. Unlike other buy-now-pay-later companies, there are no credit checks or approval process for customers.
When your customers make a purchase, Splitit charges the first installment payment and the full amount of the purchase is held on the customer’s credit card too. As a customer pays the installments, the amount that is held is reduced. While this sounds good in theory as a merchant, most customers don’t like it as it reduces their available credit and defeats the point of them choosing a payment plan in the first place.
To use Splitit, customers must have enough available credit on their credit card for the full amount of the purchase. The held amount typically appears as a “pending transaction” on their credit card statement. For this reason, Splitit only works for customers that have a Visa or Mastercard credit card. This does limit the portion of your customers that can use the payment plan option.
Splitit only works on eCommerce sites – whereas Paythen works anywhere, on any site, and even without a site. Each plan in Paythen gets it’s own unique link that can be shared with your customers wherever they are – like Whatsapp, Linktree, Facebook groups and more – leading a to faster, friction-free checkout anywhere.
Paythen is a better payment plan alternative for many businesses because it is faster and easier to set up, works with all major credit and debit cards, and has lower fees than Splitit. Your customers will also prefer Paythen – because we don’t hold the full amount on their cards, and they get a smoother, better designed experience both during and after the initial payment. We have various built-in automations and tools that reduce admin for you and let customers help themselves. You can try Paythen fee-free for 14 days to see if it is suitable for you.