Splitit is a merchant services provider that enables businesses to offer interest-free monthly installment payments to customers with an existing debit or credit card. Users may integrate the Splitit platform into their ecommerce sites to activate this capability. Splitit charges 1.5% + $1.50 per transaction, and it’s best for small to medium-sized businesses.
Splitit Pros and Cons
Allows 0% interest installment payments
Customer support is slow to respond
No-fuss installment application process
Its visual design needs improvement
Clearly-explained payment process
Who Splitit Is Best For
- Small to medium-sized businesses (SMBs): Splitit is convenient for small to medium ecommerce businesses that do not have enough manpower or resources to handle the processing of installment payments. It also helps simplify payments for their customers.
The Splitit pricing scheme depends on the type of payment received: Unfunded (starts at 1.5% + $1.50 per transaction) or Funded (starts at 3% + $1 per transaction). In the former, businesses get paid as shoppers pay their monthly installments. Meanwhile, in the latter, businesses receive the full cost of the purchase up front.
Payments that fall under the Unfunded scheme are those that involve monthly installment fees. Splitit allows ecommerce businesses to offer 0% interest installment prices to their customers. It fees start at 1.5% + $1.50 for every transaction completed.
The Funded scheme covers one-time full payments and charges 3% + $1 for every transaction completed.
Splitit’s merchant services are designed to help ecommerce businesses easily and seamlessly process installment and full payments by their shoppers. Here is a list of some of Splitit’s features.
Ability to Process Debit and Credit Card Payments
Splitit enables ecommerce businesses to process online payments through debit and credit cards.
Zero Percent Monthly Installments
It allows users to offer interest-free monthly installment payment schemes to their customers.
Splitit’s easy-to-understand dashboard lets users track the status of payments and easily see which ones are completed or pending.
Integrates with Sales Software
The platform integrates with a wide range of sales and monitoring software, including Shopify, PrestaShop, Magento, WooCommerce, Salesforce, and Commerce Cloud.
Which Merchant Services Provider Is Right for You?
Most Helpful Splitit Reviews
Users who gave positive Splitit reviews like that it enables them to offer installment payments to their customers, increasing their transaction count. They also appreciate that it is easy to use and understand. Meanwhile, those who left negative Splitit reviews expressed that its customer support team is unresponsive. Some mentioned that its interface’s aesthetic could use improvement, although this issue is minor.
Seamless installment process
“It offers 0% interest payments on my existing credit card. There’s no need for any long applications or credit checks.”
Poor customer service
“Its customer service is nonexistent. I was placed on hold while the rep literally called his manager on her cell phone since she was not in the office.”
Splitit Frequently Asked Questions (FAQs)
Does Splitit offer a demo?
Yes, it does. Visit its website to request a demo.
How do companies integrate Splitit to their website?
Splitit can be integrated into a website in three ways: through a standard web application programming interface (API), by encoding a live button embedded code, and by plugging it in with your selected ecommerce platform.
Do I need to pay to integrate Splitit to my website?
No, you don’t. Integrating the Splitit platform into an ecommerce site through the three mentioned integration modes is free.
Our Top Merchant Services Software Picks
If you aren’t sure if Splitit is right for you, this article on the 10 Best Merchant Services Providers for Small Business is a review of our top choices. Our team looked at a variety of solutions and narrowed down our recommendations based on price, features, customer support, and other factors.