Splitit, a monthly instalment payment service in the US, has launched a new offering that enables customers to split one purchase between different credit and debit cards.
Dubbed Multi-Card Payment, the new offering is intended to reduce the risk of reaching credit limit.
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In addition, the new offering will deliver benefit of multiple rewards programmes through use of more than one card on a purchase.
Splitit said that the new Multi-Card Payment offering is equally beneficial for retailers. Its recent survey showed that 27% of consumers are more likely to buy if they get an option to use multiple cards.
Splitit CEO and co-founder Gil Don said: “Allowing consumers the ability to split the cost of purchases between multiple credit or debit cards or make their first payment after trying out a product is a plus for consumer affordability and a boon for merchants’ sales.”
The firm also introduced new Deferred Payment offering designed to provide consumers with a 90 days trial period prior to making a purchase in full or instalments.
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By GlobalDataMeant for credit cardholders, the deferred payment solution does not charge any late fees or interest. This offering is also expected to increase revenue and acts as a guaranteed deposit for merchants.
