Splitit provides merchants worldwide an immediately implementable, consumer-oriented solution that allows customers shopping online, on mobile, or in store to split purchase costs into interest and fee-free monthly instalment payments using their existing credit or debit card. Use of Splitit’s technology requires no application, registration, or credit check, translating to streamlined process at checkout.
According to the press release, the average American consumer abandons 11 online shopping carts a year, translating into billions of dollars of lost revenue for retailers. Reasons for these staggering rates include fear of overspending, a lack of flexible payment options, and cumbersome checkout processes that turn customers away. Splitit addresses these obstacles by providing consumers with a payment tool that manages cash flow and personal finances while maintaining a streamlined checkout process, leading to decreased cart abandonment.
Splitit intends to apply the funds from its capital raising to accelerate merchant acquisition and build distribution channels, as well as to penetrate additional market verticals and countries. The proceeds will also go toward developing new deliverables including mobile solutions and a mobile wallet.
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