Splitit Review: Pros, Cons, Features and Pricing
Splitit is a buy now pay later platform that lets you use your existing credit to pay over time. It's ideal for online retailers and e-commerce businesses wanting to offer flexible payment options, like fashion and electronics stores. Splitit empowers you to boost sales by providing a no-interest installment solution.
Splitit addresses the challenge of offering interest-free payment plans without additional credit checks, ideal for sales and finance teams. In this article, I'll cover Splitit's features, pros and cons, use cases, pricing, etc., so you can decide if it aligns with your payment flexibility needs and sales goals.
Splitit Evaluation Summary
- From 1.5% of each transaction and an additional $1.50 per installment
- Free demo available
Why Trust Our Software Reviews
Splitit Overview
In my opinion, Splitit is a solid choice for businesses looking to offer flexible payment solutions without interest. It excels in allowing customers to use existing credit limits, which can lead to higher conversion rates. However, it might not be the easiest to set up, and support could be more responsive. It’s best suited for e-commerce stores in industries like fashion and electronics where customers appreciate payment flexibility. If you’re deciding between buy now pay later options, consider Splitit for its unique credit-based model, though be prepared for a learning curve during onboarding.
pros
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Customers appreciate not having additional credit checks.
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Your sales might increase with flexible, interest-free installment options.
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You let customers use their existing credit limits for purchases.
cons
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The interface can be less intuitive compared to other platforms.
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Your team may experience less responsive customer support.
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You might find the onboarding process a bit challenging.
Our Review Methodology
How We Test & Score Tools
We’ve spent years building, refining, and improving our software testing and scoring system. The rubric is designed to capture the nuances of software selection and what makes a tool effective, focusing on critical aspects of the decision-making process.
Below, you can see exactly how our testing and scoring works across seven criteria. It allows us to provide an unbiased evaluation of the software based on core functionality, standout features, ease of use, onboarding, customer support, integrations, customer reviews, and value for money.
Core Functionality (25% of final scoring)
The starting point of our evaluation is always the core functionality of the tool. Does it have the basic features and functions that a user would expect to see? Are any of those core features locked to higher-tiered pricing plans? At its core, we expect a tool to stand up against the baseline capabilities of its competitors.
Standout Features (25% of final scoring)
Next, we evaluate uncommon standout features that go above and beyond the core functionality typically found in tools of its kind. A high score reflects specialized or unique features that make the product faster, more efficient, or offer additional value to the user.
We also evaluate how easy it is to integrate with other tools typically found in the tech stack to expand the functionality and utility of the software. Tools offering plentiful native integrations, 3rd party connections, and API access to build custom integrations score best.
Ease of Use (10% of final scoring)
We consider how quick and easy it is to execute the tasks defined in the core functionality using the tool. High scoring software is well designed, intuitive to use, offers mobile apps, provides templates, and makes relatively complex tasks seem simple.
Onboarding (10% of final scoring)
We know how important rapid team adoption is for a new platform, so we evaluate how easy it is to learn and use a tool with minimal training. We evaluate how quickly a team member can get set up and start using the tool with no experience. High scoring solutions indicate little or no support is required.
Customer Support (10% of final scoring)
We review how quick and easy it is to get unstuck and find help by phone, live chat, or knowledge base. Tools and companies that provide real-time support score best, while chatbots score worst.
Customer Reviews (10% of final scoring)
Beyond our own testing and evaluation, we consider the net promoter score from current and past customers. We review their likelihood, given the option, to choose the tool again for the core functionality. A high scoring software reflects a high net promoter score from current or past customers.
Value for Money (10% of final scoring)
Lastly, in consideration of all the other criteria, we review the average price of entry level plans against the core features and consider the value of the other evaluation criteria. Software that delivers more, for less, will score higher.
Core Features
Interest-Free Installments: Splitit lets your customers pay in interest-free monthly installments, using their existing credit lines without additional fees. This can boost your sales and customer satisfaction.
No Credit Checks: Your team can offer monthly payment plans without conducting additional credit checks, simplifying the process for your customers.
Flexible Payment Plans: You can set up customizable payment schedules that fit your business needs and customer preferences, enhancing your service offerings.
Real-Time Approval: Splitit provides instant approval for installment plans, allowing your customers to enjoy a seamless purchasing experience.
Payment Management Dashboard: Your team can monitor and manage all transactions through an easy-to-use dashboard, improving operational efficiency.
Multi-Currency Support: Splitit supports multiple currencies, enabling you to cater to an international customer base with ease.
Ease of Use
Splitit’s ease of use can be a mixed bag. While it offers a straightforward payment process for customers, your team might find the setup and navigation a bit challenging compared to other platforms. The interface isn't as intuitive as it could be, which might slow down your work initially. However, once you get the hang of it, managing payment plans and transactions becomes manageable, especially with the detailed dashboard available.
Integrations
Splitit integrates natively with Shopify, WooCommerce, Magento, Wix, Salesforce Commerce Cloud, PrestaShop, and BigCommerce.
It also offers an API for custom checkout integrations, but doesn’t have official Zapier support.
Splitit Specs
- 2-Factor Authentication
- A/B Testing
- Analytics
- API
- BitCoin
- Conversion Tracking
- Dashboard
- Data Export
- Data Import
- Data Visualization
- Design Templates
- External Integrations
- Inventory Tracking
- Keyword Tracking
- Marketing Automation
- Multi-User
- Notifications
- Order Management
- Payment Gateway Integration
- Payment Processor
- PayPal
- Product Catalog
- Review Monitoring
- SAP Integration
- Scheduling
- Stripe
- Third-Party Plugins/Add-Ons
