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Table of Contents

Lead Story

Postcards from payments 2026

Dale S. Laszig


Industry Update

U.S. merchants inch toward EMV compliance

RDC evolves beyond checks

New York set to enact cybersecurity law

Trade Association News: Acquiring with smarts and heart


Nonprofit payments: opportunities and challenges


Same-day ACH and faster payment

Patti Murphy
ProScribes Inc.

Critical issues in payments today - Part 2

Brandes Elitch
CrossCheck Inc.


Street SmartsSM:
Are you in the payments matrix?

John Tucker
1st Capital Loans LLC

Address payment security during the sales process

Jeff Fortney
Clearent LLC

The narrowing delta between ISO and merchant portfolio valuations

Adam Hark
Preston Todd Advisors and

Not too big to fail: Processor bankruptcy

Adam Atlas
Attorney at Law

Company Profile

First Data Corp.

New Products

Interest-free online, in-store installment plans

Splitit USA Inc.

VIP treatment for large restaurants, retailers

VIP Account program
Harbortouch Payments LLC


Heat up your sales with cold calls


Letter from the editors

Readers Speak

Resource Guide


A Bigger Thing

The Green Sheet Online Edition

October 10, 2016  •  Issue 16:10:01

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New Products

Interest-free online, in-store installment plans

Product: Splitit

Splitit USA Inc., headquartered in New York City, created Splitit, a payment technology service that facilitates interest-free installment plans. The solution enables merchants to offer additional options at checkout to customers using Visa Inc.- and Mastercard-branded credit cards. Consumers can divide the total cost of a product or service into as many payments as they choose, using their existing credit cards, without applying for a new line of credit. The service, subsidized by merchants, is designed to improve shopping cart conversions and in-store sales of large ticket items.


"Ecommerce merchants typically resort to free shipping and aggressive discounts; there has not been much innovation in the space," said Michael Avni, Chief Marketing Officer at Splitit. "We asked about 8,000 U.S. credit cardholders about their payment preferences; 54 percent stated they prefer installment plans over free shipping, and 63 percent of high-income credit card users prefer installments over a 10 percent discount."

Commerce enablement

The Splitit service works as an intermediate layer between the POS and payment gateway, directing installment transactions to Splitit and then relaying the transaction to the gateway. Splitit works with payment gateways to reconcile installment plans, confirming authorizations on outstanding balances and investigating discrepancies. The service highlights all unreconciled items to ensure that merchants have valid authorizations for outstanding balances at all times, the company noted.

Splitit authorizes each purchase by reserving an available line of credit, collecting installment payments each month and reissuing the authorization request for the remaining balance before the current authorization expires. Merchants get paid in monthly installments, minus processing fee deductions. Consumers and merchants can use secure portals to view and manage installment payment activity.

The company also provides Splitit Healthcare, an interest-free financing solution offered on patients' existing credit cards to cover cosmetic, weight loss and elective surgeries, as well as the dentistry, hearing, vision and veterinary healthcare verticals.

Multiple integration options

Splitit is acquirer-agnostic and supported on most U.S. payment gateways, the company stated. Merchants and service providers can choose from multiple integration options. Following are some examples Splitit noted:

Sustainable payment strategy

Splitit emphasized the following: it enables merchants to offer instantaneous personalized installment plans to customers without changing their existing risk tolerances or procedures; the patented solution facilitates installment payment plans while eliminating the need for additional credit screening, credit applications and registration forms; and it enables customers to make major purchases without compromising on quality or paying any interest or convenience fees.

Merchants and customers who participated in a May 2016 Splitit survey indicated that the service makes high ticket items affordable at zero interest, helping consumers budget and build credit. Merchants also reported the service has helped improve conversion rates, average ticket prices and customer satisfaction levels. Some retailers promote the monthly payment option in advertising campaigns, using low per-month pricing to attract customers, the company stated. Contact:

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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Spotlight Innovators:

North American Bancard | Simpay | USAePay | Impact Paysystems | Board Studios