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1. What is Splitit?
Splitit is a payment method solution enabling customers to pay for purchases with an existing credit card by splitting the cost into interest and fee-free monthly payments, without additional registrations or applications.
2. How does Splitit work?
Credit Card:
At the time of purchase, once the business confirms the shipment, the shopper will only be charged for the first payment. The remaining balance will be held on the credit card until the final payment is made. After each monthly payment, the amount held from the available balance will be reduced to the new remaining balance.
Here is an example of how Splitit works for a purchase of $300 in 3 installments with a credit card:
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*Note that the held amount might show as ‘pending transaction’ on your credit card statement.
Debit Card*:
At the time of purchase, once the business confirms the shipment, the shopper will only be charged for the first payment. The remaining balance will be held on the credit card until the final payment is made. After each monthly payment, the amount held from the available balance will be reduced to the new remaining balance. When using a debit card, the entire amount will be held on the card as a temporary hold, and released within 5 business days. Debit cards may be limited by number of permitted installments or purchase total.
Here is an example of how Splitit works for a purchase of $300 in 3 installments with a debit card:
3. Which cards are supported by Splitit?
Splitit is supported by Visa and Mastercard.
*Some merchants will only accept credit cards and not debit cards.