Last updated on November 26th, 2021
Splitit is a Buy Now, Pay Later service that works with a user’s existing credit cards. This process allows for greater access to financing but without the worries of added debt or interest charges. Splitit now also offers an in-store payment option, Splitit InStore, thanks to Google Pay and Apple Pay connectivity.
Splitit Launches In-Store Buy Now, Pay Later Service
Buy Now, Pay Later services are quickly becoming an essential part of shopping for many consumers. These Buy Now, Pay Later (BNPL) services take the worry out of financing purchases by offering a form of credit where a customer can offset the initial cost for several months – or even years.
Splitit is one such BNPL service, but with a twist. The Splitit service works with a user’s existing credit cards, letting customers use their current credit limits without worrying about carrying new debt or paying interest.
Greater Access to Financing, Online and In-Store
Originally, Splitit only worked for purchases made online. Now, however, Splitit works in-store as well, thanks to new Apple Pay and Google Pay connectivity. The new Splitit InStore works through a pay-by-link with a Splitit QR code or through a text message or email when shopping in-store with retailers that accept contactless payments.
According to a press release touting the launch, “Splitit InStore provides an installment option the retail sales associate can initiate for shoppers when making larger value purchases, such as home furnishings, jewelry, luxury retail, and sporting goods.” This process serves the dual purpose of providing customers with improved access to higher-priced items while also providing stores with better opportunities at landing high-end sales and commissions.
The Splitit InStore service is available on any connected device. Additionally, stores offer the service at the moment of purchase with no application or sign-up required by the shopper.
“Online shopping has transformed the way we shop for furniture. But consumers still want to see, feel and experience our furniture firsthand,” said David Hilst, owner of several La-Z-Boy Furniture Galleries stores in Illinois and Indiana, on the new service. “Splitit delivers a seamless in-store experience. We can meet the shopper in the store and offer an installment option instantly – it’s the best online experience in an offline environment. You don’t get this with other financing options.”
Other BNPL Services with In-Store Financing
Splitit InStore isn’t the only BNPL offering in-store financing, however. Afterpay, another popular BNPL provider, also provides this service through its Afterpay Card.
The Afterpay Card is a prepaid Mastercard debit card that synchs with a user’s Apple Pay or Google Pay. Once the BNPL card is added to the mobile wallet, users can open their digital wallet, select the “cards” tab, and view their available Afterpay balance. From there, they go ahead and pay as they would with any other contactless card – but with the added benefit of buying now and paying later
Related Article: Shopify Launches New Buy Now, Pay Later Service