Installment Plan Options

A standard Splitit Installment Plan divides your shopper's total purchase amount into a specific number of installments that are charged against existing credit on your shopper's credit card at a set interval (defaulting to one month). The options for the number of plan installments are defined by you and then one is selected by your shopper. You can opt to capture the first plan installment immediately upon plan creation, or when delivery is taken of your product or service.

There are several additional options for Installment Plans, including:

• Deposit down: You can specify that the first installment be an amount different from the later installments and be captured right away. The remaining installments are calculated by subtracting the initial deposit from the total. Deposits are specified by dollar amount (or percentage in some cases).
• Pay at delivery: You can create an Installment Plan with a single installment and have the full amount of the plan captured after your products have been delivered to your shopper (for access to this option, check with your Onboarding Manager).
• Deferred: You can delay the first installment payment for your shoppers by a specific number of days. Subsequent payments are calculated related to this first delayed payment (e.g., thirty days out from this payment, sixty days out from this payment, etc.). Your Onboarding Manager needs to set this for you.
• Biweekly: Your merchant account can be set by Splitit support to offer installment plans on a biweekly basis instead of a monthly basis (for access to this option, check with your Onboarding Manager).