Splitit launches the Installments-as-a-Service platform – ThePaypers

US fintech Splitit has offered new installment payments, tapping into existing consumer credit on payment cards instead of initiating new loans.

Splitit’s white label payout plugin allows merchants to nurture and retain customers, build loyalty and promote brand consistency on their terms. Any consumer with the available balance on their credit card is automatically pre-qualified to use Splitit. There’s no demand, interest or hidden charges and no changes to their credit report, reducing consumer friction.

A single global API facilitates Splitit’s Install-as-a-Service which makes it easy to implement the pay later option. It integrates with existing acquirers and the current payment flow, allowing merchants to use the same processor they use today. Whether the merchant is looking for a local or global solution, setup can be done in days or weeks.

Company officials said the first phase of their plan is to bring the white-label solution to acquirers, merchants and independent software vendors (ISVs) in the United States. But their future vision is to expand globally, providing a consistent experience for cross-border and global markets. University e-commerce platform OCM, which supports digital commerce for students, parents, faculty, and staff, is the first to implement Splitit’s white-label payout solution.

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