Splitit (ASX:SPT), the company empowering shoppers to use their credit cards to pay in instalments, announced today it is bringing its instalment payments to in-store retail locations worldwide. Splitit InStore also includes Apple Pay and Google Pay to deliver an effortless in-store payment experience.
Splitit InStore was built to meet the needs of the retail sales associate to deliver a better customer experience at a time when retailers are also thinking about how to optimise their omnichannel strategy. Splitit InStore provides an instalment option the retail sales associate can initiate for shoppers when making larger value purchases, such as home furnishings, jewellry, luxury retail and sporting goods. Splitit InStore also enables shoppers to use ApplePay and GooglePay accounts via Splitit, using pay-by-link with a Splitit QR code, text message or email, when buying from participating merchants.
The added flexibility to pay over time helps alleviate the perceived risk of large expenditures and helps consumers afford the products they want. Splitit InStore also extends to phone orders providing additional capabilities for merchants.
The company also announced several new leading brands have signed on to use Splitit InStore. These brands include La-Z-Boy Furniture Galleries, Gem Shopping Network™, PROCAM, Fabergé, KEF and Aftershock PC Australia. Merchants interested in adding Splitit InStore to their retail locations can get on the waiting list at www.SplitIt.com/InStore.
“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 five La-Z-Boy Furniture Galleries stores in Illinois and Indiana. “Splitit delivers a seamless in-store experience. We can meet the shopper in the store and offer an instalment option instantly - it’s the best online experience in an offline environment. You don’t get this with other financing options.”
The service is accessible on any connected device. It can be offered right at the moment of purchase with no application or sign-up required by the shopper. And because Splitit uses the consumer’s available credit on a credit card, approval rates are in line with credit card industry averages of 85% or better. No red tape and low rejection rates mean more closed sales and less time checking out. instalment plans can last between six to 24 months, and Splitit never charges the consumer fees or interest. It’s a win for merchants, sales associates and customers.
“Retailers are starting to see a consistent increase of in-store traffic as we slowly recover from the pandemic. As a result, providing an in-store solution was the number one request from Splitit’s customers,” notes Splitit CEO Brad Paterson. “Splitit InStore answers this call and is just one way we continue to innovate to match this permanent change in shopper habits and preferences. Besides broadening our addressable market by accessing retailers with a brick-and-mortar store presence, this also opens Splitit to exciting new categories.”
Splitit InStore benefits other industries, including automotive repair, healthcare, home repair and improvement, and others without a flexible system to offer customers instalment payments.
New merchants using Splitit Instore include:
• La-Z-Boy Furniture Galleries: Showcasing the world’s leading residential furniture producers with furniture for every room of the home. Hilst Enterprises operates five La-Z-Boy Furniture Galleries stores in Illinois and Indiana and uses Splitit InStore to deliver a seamless shopping experience.
• Gem Shopping Network: Gem Shopping Network, the preeminent omnichannel platform for selling fine jewellery in the United States, reaches over 60 million pay-TV households and millions more across OTT, streaming and social platforms. Gem Shopping Network will partner with Splitit to pilot the program for their customers, giving them the flexibility to pay over time.
• PROCAM: A family-owned and operated business serving professional photography and video production. PROCAM will integrate Splitit into its ecommerce website and offer Splitit InStore at its brick-and-mortar locations in Chicago, Detroit and Cincinnati.
• Fabergé: Fabergé, the world’s most iconic artist jeweller, creates extraordinary jewellery, watches and objets d’art, as well as bespoke commissions for a discerning international clientele. Fabergé is currently using Splitit in its online boutique, Faberge.com, and will be implementing Splitit InStore for selected boutiques in Europe.
• KEF: After more than half a century at the cutting edge of audio, the company remains committed to excellence in sound. KEF’s reputation for quality is founded on a refusal to compromise on aural authenticity or experience. KEF is offering Splitit online and using Splitit InStore at the KEF Music Gallery in Hong Kong to enhance the customer experience.
• Aftershock PC Australia: Founded in 2012 by a team of hardware enthusiasts, competitive gamers and IT professionals, Aftershock PC delivers the ultimate boutique PC experience through a combination of craftsmanship, no-compromise service and value. The company offers Splitit InStore in its new showroom in Melbourne for both its Aftershock and OmniDesk brands.
The launch of Splitit InStore continues the company’s recent innovation and growth. Recent milestones include the debut of Splitit Plus in April, a payment gateway built exclusively for instalment payments and several key partnerships, most notably the recent partnership with tabby, the largest BNPL provider in the Middle East. tabby will integrate a white-label version of Splitit into its platform, allowing tabby’s merchants to offer instalments on credit cards.