Splitit Payments, a global payment solutions provider, has recently signed new cycling and fitness brands to the Splitit platform.
Echelon Fitness and Specialized Bicycle Components are the latest brands to offer their shoppers ‘flexible payment options at the point of sale by using a consumers’ existing credit to split up payments into smaller amounts.’
Echelon and Specialized join Canyon Bikes, which joined the Splitit platform earlier this year. Canyon initially launched Splitit in 6 countries. It reportedly saw 1500 transactions and a 13% increase in average order values (AOV) within the first four weeks. Now the direct-to-consumer bike brand has expanded Splitit into another 18 countries, with plans to enter the US soon.
“We’ve seen strong demand in the home fitness and bike industry as more people have been working out from home and shopping directly from the brands they love,” said Brad Paterson, CEO of Splitit.
“We are excited to welcome Echelon and Specialized to our platform and help them grow cart conversion and increase average order value through flexible payments.”
While other buy now, pay later providers are offering new debt to shoppers at the moment of sale, Splitit instead helps shoppers more responsibly manage their own cash flow, by letting them split up payments into instalment amounts they choose.
As Splitit uses a consumer’s existing credit, there are no additional fees, interest, loans or applications; and shoppers don’t need to worry about adding new lines of credit that may impact their credit score. Merchants that offer Splitit have reportedly seen increased cart conversions, a 20% increase in average order value and 10% decrease in cart abandonment.
