Pay over time, interest free
Splitit exists to help consumers use their favorite credit card to turn purchases into smaller, monthly payments using their existing credit card.
At the time of purchase, we charge the first instalment. However, at the same time we also authorise the whole outstanding amount in order to guarantee future instalment payments. Authorisations for the full outstanding amount are renewed every 21 days or so and reduce with each instalment payment made. The previous authorisation is automatically removed as soon as we receive the new one.
Since it’s your credit, there are no applications or credit checks that affect your credit score and make things complicated to slow you down at checkout. And you continue to earn your points and rewards.
The way Splitit works, a hold is put on all the funds required to pay for the order, but you are only billed an instalment once a month. So you only owe your credit card issuer the instalment at the end of the month, not the full amount. However, you are not able to spend the rest of the money owed on something else, as those funds are held to cover the rest of the instalments.
Using our example above of buying a computer for £1,200:
If you buy it on your credit card WITHOUT SPLITIT, at the end of the first month you would owe your credit card issuer £1,200, or you would have to incur interest if you don’t pay it off.
If you buy it WITH SPLITIT, you would not be able to spend the £1,200 on anything else, but at the end of the first month you would only owe your card issuer £200, or you would have to incur interest if you don’t pay it off.
In the example on this page, you would owe £200 per month for 6 months until the plan is paid off.
Then Splitit is not the best payment method for you, as it is really a way to use spare credit card limits to buy interest-free. You should explore a full finance option, with a credit agreement looking at your ability to meet the monthly payments (see the finance tab above).
We do not supply credit cards, but you can look at options on comparison websites:
You can update your credit card to a new card in the Splitit Payment Portal. If you have forgotten your login for the portal, simply reach out to our Customer Services team and we can generate a link to send you which allows you to update your card details.
Splitit will initiate communication with you for 7 days asking you to update your card. If you don’t update the card within those 7 days, our system will attempt a full capture on the card of the outstanding balance.
Consumer Finance with Omni Capital Retail finance
Basket contents over £500
Minimum 10% Deposit
Punch Technology Limited is registered in England and Wales No 10250445 Trading address Meyer Building, Wirral International Business Park, Bromborough, Wirral, CH62 3RH
Punch Technology Limited acts as a credit broker and only offers credit products from Omni Capital Retail Finance. Punch Technology Limited is authorised and regulated by the Financial Conduct Authority. Our registered number is 809833. Credit subject to age and status.
Realex Payments, a division of Global Payments Inc., is one of Europe’s leading providers of ecommerce payment solutions. They handle transactions valued in excess of €35 billion per annum on behalf of over 14,000 clients. Realex Payments was founded in 2000 by award winning entrepreneur Colm Lyon. Realex Payments became part of the Global Payments network in 2015.
They are the trusted payment partner of large enterprises such as Virgin Atlantic, Paddy Power and Aviva. They also work with thousands of small to medium sized businesses, enabling them to scale their online business and expand their international reach. Over the past 16 years, they have established a strong reputation in the industry and amongst their customers for their ecommerce expertise, payments knowledge and dedication to excellent customer service.
You lease because you want to use your cash flow for what will benefit the business in the next accounting period. It enables businesses to pay for the equipment over a period of time as they receive the benefit from it, instead of before they receive the benefit from it. And as they’re paying for what the equipment does and not what it is, there is no real benefit in owning capital equipment.