Top 10 Splitit Alternatives and Competitors for Payment Solutions

• By Ashley Richmond
• August 21, 2024August 21, 2024
• Tech Updates

Flexible payment options are more popular than ever in 2024. With the rise of buy now, pay later (BNPL) apps, consumers want choices that fit their needs. Global buy now, pay later (BNPL) transactions are predicted to increase by nearly 450 billion USD between 2021 and 2026. according to statista. Apps like Fingerhut and Splitit make financing purchases easy for both shoppers and businesses.

However, Splitit may not be the right solution for everyone. That’s why it’s important to explore alternatives. Whether you’re looking for better terms, wider availability, or a different approach, knowing your options can save you money and improve your shopping experience.

Let’s explore why looking into Splitit alternatives can be valuable and discover which payment apps might suit your needs better.

List of Best Splitit Alternatives & Competitors 2024

If you’re looking for flexible payment solutions beyond Splitit, you’ve come to the right place. We’ve created an easy-to-understand overview of the best Splitit alternatives and competitors for 2024. Whether you’re a business owner seeking better options for your customers or a shopper looking for more flexible financing, these options offer a variety of features to meet different needs.

In this list, you’ll find a quick comparison of requirements, features, pros, cons, and overall reviews for each alternative. We’ve discussed each of these apps in more detail throughout the article, helping you make an informed decision based on your preferences.

Explore these top alternatives and find the perfect payment solution that works best for you!

About Splitit

Splitit is a unique payment solution that offers installment payments. Unlike most buy now, pay later (BNPL) services, Splitit allows consumers to pay in installments using their existing credit cards. There’s no need to apply for new lines of credit. This feature makes Splitit different from apps like Fingerhut or other BNPL services that issue loans directly.

The beauty of Splitit is its simplicity. It divides a purchase into smaller payments without adding interest. Customers use their existing credit limit, and Splitit spreads the total cost over several months. This means no credit checks or complicated approvals. It’s fast and convenient for both businesses and consumers.

For merchants, Splitit can increase sales by offering flexibility. Shoppers are more likely to complete larger purchases when they have installment options. Apps like Four offer similar features, making it easier for businesses to tap into the buy now, pay later trend. Plus, Splitit’s integration with credit cards eliminates risk for merchants. Payments are processed as usual, but Splitit handles the installment structure.

This combination of ease and reliability has made Splitit a popular choice, but there are alternatives that might offer even more advantages depending on your needs.

What’s The Need To Look for Splitit Alternatives?

While Splitit has its benefits, it might not be the best fit for everyone. One limitation is that it relies heavily on credit cards. If a consumer doesn’t have a sufficient credit limit, they can’t use Splitit effectively. This can be a roadblock for those who prefer other payment methods or have limited credit access.

Additionally, Splitit is not always available with all merchants. Its reach may be smaller compared to apps like Fingerhut, PayPal Credit, or Klarna, which are widely accepted across many online platforms. Businesses may also find that Splitit’s features don’t offer as much flexibility as they need, especially if they serve a global market or want to offer more financing options to their customers.

Exploring alternatives is important because payment needs are diverse. Some users want short-term, interest-free loans, while others seek more flexible repayment terms. Similarly, apps like Shiftmart to make money offer unique opportunities for earning, showing that by considering alternatives, you can find a solution that matches your business or personal preferences more closely.

How Splitit Works?

Splitit offers a simple and user-friendly payment method. It allows customers to split their purchases into smaller, manageable payments using their existing credit card. Unlike traditional BNPL services, Splitit does not issue new loans. Instead, it divides the purchase amount into equal monthly installments, charged to the customer’s credit card.

The key advantage is that customers don’t pay interest or fees, as long as they stay within their credit limit. Splitit simply holds the full purchase amount on the credit card and releases it as payments are made. The customer only needs to meet their card’s minimum requirements to continue the plan.

For businesses, Splitit seamlessly integrates with most e-commerce platforms. It requires no changes to the payment process. This method helps increase customer satisfaction and boost sales, especially for larger purchases. The ease of use and credit card integration make Splitit a valuable option for many, but there are situations where exploring alternatives or apps like Zip may offer more benefits.

Free and Paid Splitit Competitors for Online Payments in Detail

1) GoCardless

GoCardless is a payment solution focused on recurring and subscription-based payments. It connects directly to customers’ bank accounts, allowing businesses to collect payments automatically. Unlike Splitit, GoCardless does not rely on credit cards. Instead, it processes payments through direct debit, making it a great option for businesses that need regular, automated transactions.

This solution is highly effective for companies offering subscription services, memberships, or recurring billing. GoCardless operates in over 30 countries, making it a global solution for businesses seeking a hassle-free way to collect payments. It also provides an easy setup for both businesses and customers, simplifying the entire process.

Best For:

GoCardless is ideal for businesses needing to manage recurring payments efficiently. It’s especially useful for subscription models or companies that offer memberships or installment billing without relying on credit cards.

2) Sezzle

Apps like Sezzle are a popular buy now, pay later (BNPL) solution that allows consumers to split their purchases into four interest-free payments. This app is widely used in North America and has gained traction among younger consumers who appreciate its simplicity and flexibility. Sezzle is designed to make shopping easier by spreading out the cost over six weeks with no hidden fees.

What sets Sezzle apart is its focus on financial empowerment. They offer features like rescheduling payments and access to financial education resources. This makes it a great option for customers looking to manage their budget responsibly. For businesses, Sezzle helps reduce cart abandonment by offering a flexible payment option that appeals to price-sensitive shoppers.

Best For:

Sezzle is ideal for small businesses and consumers seeking short-term, interest-free installment options with flexible payment schedules. It’s a great choice for younger shoppers focused on financial management.

3) PayPal Credit

PayPal Credit is a well-known payment solution, particularly for PayPal users. It allows consumers to make purchases and pay them off over time, often with no interest if paid within a specific period. It’s seamlessly integrated into the PayPal ecosystem, which is trusted by millions of users globally. This connection makes PayPal Credit easy to use for both merchants and customers, especially for those already familiar with PayPal.

For larger purchases, PayPal Credit offers financing options with flexible repayment plans. Customers can choose how they want to repay based on their budget and timeframe. Businesses benefit by offering a trusted payment solution that increases conversion rates, especially for higher-ticket items.

Best For:

PayPal Credit is best for PayPal users and businesses seeking flexible financing options for larger purchases. It’s ideal for consumers who want to spread out payments while avoiding interest fees if repaid quickly.

4) Klarna

Klarna is one of the most widely recognized buy now, pay later (BNPL) services. It offers a variety of flexible payment options, including Pay Now, Pay Later, and financing plans for longer-term purchases. Klarna is available in many countries and partners with thousands of retailers, making it a global solution for shoppers and businesses alike.

What sets Klarna apart is its smooth, user-friendly experience. Shoppers can choose how and when they want to pay, whether it’s in installments or in full. Klarna also offers an app that helps customers manage their payments and track purchases easily. For businesses, offering Klarna can reduce cart abandonment and attract more customers, especially for higher-priced items.

Best For:

Klarna is best for online shoppers and businesses looking for flexible, global BNPL options. It’s especially useful for businesses aiming to increase conversions with multiple payment choices.

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5) Affirm

Affirm is a buy now, pay later (BNPL) service that offers transparent and flexible payment plans. Unlike some competitors, Affirm provides a straightforward interest-based financing option with no hidden fees or late charges. Customers know upfront what they’ll pay and can choose from various repayment periods that fit their budget.

Affirm’s focus on transparency and customer trust has made it a popular choice for larger purchases like furniture, electronics, and travel. Businesses benefit from Affirm’s ability to offer financing for high-ticket items, increasing both customer satisfaction and conversion rates.

Best For:

Affirm is best for consumers looking for clear, predictable payment terms and businesses wanting a trusted BNPL option for higher-value purchases. It’s perfect for shoppers who want no surprises in their repayment plan.

6) Afterpay

Afterpay is a popular buy now, pay later (BNPL) service known for its interest-free installment plans. Shoppers can split their purchases into four equal payments, paid every two weeks. What makes Afterpay stand out is its easy approval process, particularly appealing to younger consumers who want to manage their cash flow without credit checks or interest fees.

Businesses love Afterpay because it helps increase sales, especially with millennials and Gen Z customers. Afterpay partners with major retailers worldwide, making it a go-to payment option for fashion, beauty, and lifestyle brands. Its simplicity and appeal to younger audiences make it a great addition to any business’s checkout options.

Best For:

Afterpay is ideal for younger consumers and businesses that want to attract and retain a youthful customer base with interest-free, short-term payments.

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7) Zip

Zip is a flexible buy now, pay later (BNPL) solution offering multiple payment options. Consumers can choose to split their purchases into four interest-free payments or opt for longer-term plans with interest. Zip is widely accepted across many retailers and offers more payment flexibility than many competitors.

Zip’s versatility makes it suitable for a variety of purchase sizes, from small items to larger investments. For businesses, Zip provides a way to reach more customers by offering payment choices that suit different financial needs. It also integrates smoothly with e-commerce platforms, making setup and management straightforward for merchants.

Best For:

Zip is best for consumers seeking flexible payment options and businesses that want to offer both short-term and long-term financing.

8) FuturePay

FuturePay is a unique financing solution that doesn’t rely on traditional credit cards. Instead, it offers a digital revolving credit line, allowing customers to shop online and pay later. Customers can make purchases and pay them off in flexible installments, similar to how a credit card works but without the need for a physical card.

FuturePay is perfect for e-commerce businesses that want to offer customers a revolving credit option. It helps reduce friction at checkout by providing an alternative to credit cards and BNPL services. Customers benefit from the flexibility of paying at their own pace, with no hidden fees or interest surprises.

Best For:

FuturePay is best for e-commerce businesses and shoppers looking for a revolving credit option without needing a credit card.

9) LazyPay

LazyPay is a buy now, pay later (BNPL) service that has gained popularity in India. It offers consumers small-ticket loans and interest-free installment options. LazyPay provides quick approvals, making it convenient for users who want to make purchases without the hassle of a lengthy credit check.

For businesses, LazyPay can help increase conversions, especially with younger shoppers who prefer short-term, interest-free loans. It’s widely accepted across e-commerce platforms, making it an accessible option for both consumers and merchants looking for fast and flexible payment solutions.

Best For:

LazyPay is best for Indian consumers seeking fast approval for small loans and businesses aiming to attract tech-savvy customers with flexible, interest-free payments.

10) Perpay

Perpay is a unique BNPL solution that focuses on helping consumers build credit while shopping. It allows users to shop from participating retailers and pay over time through easy installment plans. What sets Perpay apart is its built-in feature that reports payment activity to credit bureaus, helping users improve their credit score as they make payments.

For businesses, Perpay offers a way to reach consumers looking for both financial flexibility and credit-building opportunities. It’s especially appealing to customers who want to manage their budget while improving their financial standing.

Best For:

Perpay is best for consumers looking to build credit while using installment plans and businesses that want to attract financially-conscious shoppers.

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User Queries and Answers

What are the benefits of using FuturePay over traditional credit cards?

FuturePay offers a digital revolving credit line without requiring a physical credit card. This is a great alternative for consumers who don’t want to depend on traditional credit cards but still need flexible payments. FuturePay doesn’t come with the typical fees associated with credit cards, like annual fees or high interest rates. Plus, customers can control how much they pay each month without dealing with a set minimum payment.

For businesses, it allows smoother checkout processes and appeals to shoppers looking for alternative credit options.

Can businesses benefit from offering multiple BNPL services like Splitit and Afterpay?

Yes, businesses benefit significantly by offering multiple BNPL services. By providing options like Splitit, Afterpay, or Klarna, businesses cater to diverse customer preferences, increasing the likelihood of completing sales. Some customers prefer interest-free short-term plans, while others may appreciate longer financing periods.

Offering multiple BNPL solutions helps businesses reduce cart abandonment, boost conversion rates, and create a more flexible, customer-friendly checkout experience. It also broadens the potential customer base.

How does LazyPay’s loan approval process work for small purchases?

LazyPay’s loan approval process is fast and straightforward, especially for small purchases. It doesn’t require lengthy credit checks and approves loans almost instantly based on basic information and payment history. Once approved, consumers can make small purchases and repay them through flexible, interest-free installments.

This instant approval process makes it highly convenient for spontaneous online shopping, especially for lower-ticket items. It is especially popular with younger, tech-savvy customers in India.

What makes Perpay different from other BNPL services in the market?

Perpay stands out because it focuses on helping users build credit while shopping. Unlike most BNPL services that don’t affect credit, Perpay reports users’ on-time payments to credit bureaus, helping them improve their credit scores.

This makes it especially appealing to consumers who want financial flexibility while improving their credit. Perpay is a great option for responsible shoppers who want to balance buying now and paying later with credit growth.

Are there any fees involved with using GoCardless for recurring payments?

GoCardless is known for being cost-effective, but there are some fees involved for businesses. Typically, the fee is a small percentage of the transaction amount, which varies depending on the region and volume of transactions. However, GoCardless often offers lower fees compared to traditional credit card processing. For customers, there are no fees for using the service.

It’s a good option for businesses that handle recurring billing, subscriptions, or installment payments and want a reliable, low-cost alternative.

Sum Up…

In today’s growing BNPL landscape, finding the right payment solution is essential. While Splitit is a great option, it’s not the only one available. Depending on your needs, alternatives like GoCardless, Sezzle, PayPal Credit, and Klarna offer unique advantages. Solutions such as Affirm, Afterpay, Zip, FuturePay, LazyPay, and Perpay also provide specialized features that might be better suited to your specific business model or personal preferences.

By exploring these options, you can choose a payment solution that aligns with your goals—whether it’s flexibility, interest-free options, or even credit-building opportunities. Each of these platforms offers a distinct way to improve the customer experience, drive conversions, and enhance financial management.

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