How Buy Now Pay Later is Impacting the Store Experience
The popularity of BNPL (buy now, pay later) has grown tremendously over the past decade. The attraction of breaking purchasing payments up over weeks without interest or late fees is undeniable. In fact, “BNPL spending in the US is up 230% since 2020, per a September report by Accenture… [and] it’s estimated to total ~$226 billion this year, according to a Juniper Research report.”
And while there are many players in the BNPL world, there are not any that have disrupted the industry quite like Splitit. Retail Refined podcast host Melissa Gonzalez sat down with Splitit CEO Nandan Sheth to discuss the unique offerings provided by the company and how they are a step above the competition.
“I feel that Splitit is a unique buy-now, pay later company that stands in its own category. Splitit is the only white label installment solution in the market. We have the highest checkout conversion rates in the industry because we are white label and we are available across 100 global markets,” said Sheth.
Launched in 2012, Splitit allows consumers and retailers to participate in its installments-as-a-service thereby increasing sales. It eliminates credit risk for retailers by guaranteeing the full transaction amount for purchases made through the platform. For consumers, it simplifies the BNPL process by utilizing existing credit cards thereby eliminating the need for additional applications or credit checks.
“Very simply put, Splitit allows consumers that have existing credit cards to leverage their open to buy, or their credit, or their line for installments at retailers. We never charge the consumer. We never impose any fees on the consumer, and we exist to empower retailers rather than to disenfranchise them,” Sheth explained.
Recently, OCM (On Campus Marketing), which powers e-commerce to more than 900 college campuses and 1,500 campus organizations, has announced that they will implement Splitit’s top-of-wallet, white-label, installment solution.
More Stories Like This
Pop-Up Retailers Will Finally Have Analytics to Chart Success
$40 Million in Funding Allows HugePOD to expand to the US
Adapting the SLR Magic of Anamorphic Filmmaking to the Panasonic Lumix Ecosystem Creates Endless Filmmaking Possibilities
The Panasonic Lumix System revolutionized independent filmmaking through the convergence of a handheld DSLR style body, larger than video camera sensors for a narrow depth of field, and the versatility and utility of interchangeable lenses. By being mirrorless and with the use of adapters, a broad gamut of vintage and modern lenses became available for […]
AV is Bridging the Gap Between the Real World and the Metaverse at Industry Conferences
How is AV helping bridge the gap between the real world and the metaverse? Some of the best examples can be seen in the midst of large-scale trade shows and industry events. For example, ETHDenver, an annual blockchain conference held in Denver, Colorado, hosts more than 20,000 technologists every year to innovate and develop […]
Why Authentic Content Should Be at the Forefront of Your Company’s Marketing Strategy
Media today is the most powerful it’s ever been, and with the introduction of new channels to consume it daily, the consumer can become easily overwhelmed with a plethora of choices. How does your channel stand out? Authentic media might be the clickbait. With the likes of TikTok, YouTube, and streaming services like Spotify, […]