Splitit is a global payment solution that allows customers to split purchases into smaller, interest-free payments using their existing credit cards.
Splitit offers an innovative way to make purchases, therefore, it appeals to both merchants and consumers looking for flexible payment options without the hassle of credit checks or new accounts.
Many companies across various industries are adopting Splitit to enhance their customer experience and drive conversions. In this article, we’ll explore 10 companies that accept Splitit as a payment option.
Why Companies Choose Splitit as a Payment Method
Companies choose Splitit as a payment solution for several strategic reasons that benefit both their business operations and customer experiences. Here are seven key reasons why businesses opt for Splitit:
Interest-Free Installments for Customers:
Splitit allows customers to break down their purchases into interest-free monthly installments using their existing credit cards. This payment flexibility is a significant draw for businesses because it eliminates the need for customers to open new credit lines or deal with financing charges.
Companies benefit by offering a customer-friendly payment option that attracts consumers who may be hesitant to make larger purchases upfront.
This feature improves the overall shopping experience and reduces cart abandonment, as customers are more inclined to buy when they know they can pay over time without incurring additional costs.
No Credit Checks Required:
Unlike many other financing solutions, Splitit doesn’t require customers to undergo credit checks, nor does it open new credit accounts. This is particularly attractive to businesses because it removes the friction that often comes with traditional financing options.
For consumers who may be wary of credit checks or prefer not to open new credit lines, Splitit offers a seamless alternative.
This frictionless approach encourages customers to complete their purchases, increasing conversion rates for businesses.
Additionally, by avoiding the complexities of credit approvals, companies can provide a faster, more streamlined checkout experience.
Increased Average Order Value (AOV):
By offering Splitit’s installment payment options, companies often see a rise in their average order value. Consumers are more likely to purchase higher-priced items when they have the option to spread the cost over several months.
This is especially important for businesses that sell premium or expensive products, such as electronics, furniture, or luxury goods. By reducing the immediate financial impact on customers, companies can upsell more easily and encourage larger transactions, ultimately boosting their bottom line.
Improved Customer Satisfaction and Loyalty:
Splitit enhances the customer experience by offering a flexible, transparent, and hassle-free payment option. Customers appreciate the ability to pay over time without added interest or hidden fees, which increases their satisfaction with the overall shopping process.
Positive experiences with flexible payment options can build long-term loyalty, leading to repeat purchases. Businesses that use Splitit position themselves as customer-centric, which helps differentiate them from competitors and fosters a strong relationship with their customers.
Global Reach and Currency Support:
Splitit operates on a global scale, supporting transactions in multiple currencies and across international markets. This feature is highly valuable to businesses with global operations or ambitions to expand internationally. Offering a payment solution that works seamlessly across borders allows companies to reach a broader audience and cater to customers worldwide. With the increasing importance of cross-border eCommerce, Splitit’s global capabilities provide a competitive edge for companies looking to scale their operations.
Seamless Integration with Existing Systems:
Another reason companies choose Splitit is its ease of integration. Splitit’s platform can be quickly and seamlessly incorporated into existing eCommerce systems without requiring major overhauls.
This minimizes the time and cost of implementation, allowing businesses to start offering Splitit payments almost immediately.
Whether a company uses Shopify, WooCommerce, Magento, or another platform, Splitit’s flexibility ensures that it can be integrated with minimal disruption to current operations, reducing technical hurdles and accelerating the time to benefit.
Risk Mitigation and Cash Flow Management:
For companies, Splitit is a low-risk payment solution. Since Splitit works with customers’ existing credit lines, businesses receive payment upfront, even though customers are paying in installments. This setup protects businesses from the risk of default and ensures they maintain healthy cash flow.
Additionally, there’s no need for companies to carry any financial risk associated with the installment payments, as Splitit handles the collection of payments directly from the customer’s credit card.
This allows businesses to enjoy the benefits of offering installment payments without compromising their financial stability.
Who Uses Splitit? Here are the top 10 Companies:
1. Purple
Industry: Mattresses and Bedding
CEO: Robert DeMartini
Employee Size: 2,200+
Why They Chose Splitit: To provide flexible financing options for larger purchases.
Purple, a leading company in the mattress and bedding industry, accepts Splitit to help customers manage the cost of higher-priced items like mattresses and sleep accessories. Offering interest-free monthly payments, Splitit allows customers to break down large purchases into smaller installments using their existing credit cards. This flexibility encourages customers to invest in high-quality sleep products without feeling the burden of paying all at once. By incorporating Splitit into its payment options, Purple boosts sales while providing a convenient and stress-free buying experience.
2. Apple
Industry: Technology
CEO: Tim Cook
Employee Size: 164,000+
Why They Chose Splitit: To increase sales by offering interest-free installment plans.
Apple, one of the world’s most recognizable technology companies, offers Splitit as a payment option for customers looking to purchase their high-end products. Whether buying the latest iPhone, MacBook, or accessories, Apple customers can use Splitit to divide their payments into manageable installments without the need for a credit check or additional financing. This method encourages higher conversion rates, as consumers are more likely to make significant purchases when they can pay over time. Apple benefits from increased customer satisfaction and higher average order values by providing Splitit.
3. La-Z-Boy
Industry: Furniture and Home Decor
CEO: Melinda D. Whittington
Employee Size: 11,000+
Why They Chose Splitit: To make larger furniture purchases more accessible to customers.
La-Z-Boy, a leading furniture brand known for its comfortable recliners and home furniture, uses Splitit to offer customers interest-free payment plans for large purchases. With furniture being a considerable investment, Splitit allows La-Z-Boy customers to spread the cost over several months, making it easier for them to buy premium products without upfront financial strain. This approach not only makes La-Z-Boy products more accessible to a broader range of consumers but also helps boost sales by reducing the friction associated with high upfront costs.
4. Lenovo
Industry: Technology
CEO: Yuanqing Yang
Employee Size: 71,000+
Why They Chose Splitit: To offer interest-free installment plans for expensive electronics.
Lenovo, a global technology company, offers Splitit to its customers for products like laptops, desktops, and accessories. By allowing consumers to break down the cost of these higher-end items into multiple payments, Lenovo makes it easier for customers to invest in the technology they need without immediate financial pressure. Splitit’s interest-free installment plans enable Lenovo to increase conversion rates and make their premium products accessible to a broader audience, particularly for those who may not have the budget to pay in full at the time of purchase.
5. GoPro
Industry: Consumer Electronics
CEO: Nicholas Woodman
Employee Size: 1,000+
Why They Chose Splitit: To offer customers a flexible payment option for high-tech purchases.
GoPro, a company known for its action cameras and accessories, accepts Splitit to make purchasing its premium products more accessible. GoPro’s customers, who are often enthusiasts and professionals in extreme sports and photography, can take advantage of Splitit’s payment plans to spread out the cost of expensive camera equipment over time. This flexible payment solution helps GoPro appeal to a wider customer base, as the financial burden of purchasing high-end gear is reduced, encouraging more customers to buy premium equipment.
6. Casper
Industry: Mattresses and Sleep Accessories
CEO: Emilie Arel
Employee Size: 800+
Why They Chose Splitit: To help customers afford premium sleep products.
Casper, a prominent brand in the mattress industry, offers Splitit to make their premium mattresses and sleep products more accessible to a broader audience. Customers can use Splitit to split the cost of their purchase into manageable monthly installments without interest, making it easier for them to invest in high-quality sleep solutions. By offering this flexible payment option, Casper not only enhances customer satisfaction but also encourages larger purchases, helping drive overall sales.
7. Canyon Bicycles
Industry: Bicycles and Cycling Equipment
CEO: Nicolas de Ros Wallace
Employee Size: 900+
Why They Chose Splitit: To allow customers to purchase high-end bikes with flexible payment plans.
Canyon Bicycles, known for producing high-performance road and mountain bikes, uses Splitit to offer customers the flexibility of paying over time. Bicycles, especially top-tier models, can be significant investments. By offering interest-free installment payments, Canyon makes it easier for cycling enthusiasts to buy premium bikes without having to pay the full amount upfront. This flexibility boosts sales and makes Canyon’s high-quality products more accessible to a wider audience of both casual riders and professional cyclists.
8. Bassett Furniture
Industry: Home Furnishings
CEO: Rob Spilman
Employee Size: 2,500+
Why They Chose Splitit: To provide a financing option for large home furnishing purchases.
Bassett Furniture offers Splitit as a financing solution for customers looking to buy larger furniture items. With Splitit, Bassett customers can divide their purchases into multiple, interest-free payments, making it easier to afford high-quality home furnishings. This payment option helps remove financial barriers and encourages customers to make larger purchases that they may otherwise postpone. As a result, Bassett benefits from increased sales and customer satisfaction, while customers enjoy the flexibility to furnish their homes without straining their budgets.
9. Sennheiser
Industry: Audio Electronics
CEO: Andreas Sennheiser, Daniel Sennheiser
Employee Size: 2,800+
Why They Chose Splitit: To make premium audio products more affordable through flexible payments.
Sennheiser, a leader in audio technology, offers Splitit to help customers afford their premium audio equipment, including headphones, microphones, and sound systems. By providing interest-free installment options, Sennheiser makes it easier for customers to invest in high-quality audio products. This flexibility in payment helps Sennheiser attract more customers who value premium sound but may not be able to pay the full price upfront. Splitit allows the company to increase sales while maintaining a customer-centric approach.
10. Phillips
Industry: Electronics and Healthcare
CEO: Roy Jakobs
Employee Size: 80,000+
Why They Chose Splitit: To allow customers to finance high-tech medical and personal care devices.
Phillips, a global leader in electronics and healthcare technology, uses Splitit to offer flexible financing for its products. Customers can purchase everything from medical devices to personal care electronics using Splitit’s installment plans, reducing the immediate financial burden. This option helps Phillips appeal to both individual consumers and healthcare providers who need access to high-quality products but prefer to pay over time. By offering Splitit, Phillips enhances customer affordability and improves the accessibility of its innovative technology.
Conclusion
These companies across diverse industries have adopted Splitit to offer their customers flexible payment solutions.
Companies choose Splitit for its ability to offer interest-free installments, seamless integration, and global reach while maintaining a frictionless and transparent customer experience.
With Splitit, businesses can increase average order values, reduce cart abandonment, and boost customer satisfaction—all without taking on the risks associated with traditional financing.
With its customer-centric approach, Splitit is becoming an increasingly popular choice for companies looking to enhance their payment offerings and improve their overall sales performance.