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.

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