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Splitit VS FuturePay

Compare Splitit VS FuturePay and see what are their differences

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Splitit logo Splitit

Splitit is a solution that enables consumers to pay for their Retail or Web purchases using their existing credit cards and divide the total cost across as many interest-free payments as they choose, without completing a credit application or qualif…

FuturePay logo FuturePay

Attract new customers, increase repeat customers, and grow your business with FuturePay. Give your customers the freedom to buy now and pay later.
  • Splitit Landing page
    Landing page //
    2023-09-24
  • FuturePay Landing page
    Landing page //
    2023-05-14

Splitit features and specs

  • Interest-Free Payments
    Splitit allows customers to pay in installments without charging any interest, making it an attractive option for those looking to spread costs over time.
  • No Credit Check
    Splitit does not require a credit check to use its services, which can be beneficial for individuals who have a limited credit history or want to avoid impacting their credit score.
  • Easy Integration
    For merchants, Splitit offers easy and seamless integration with their existing payment systems, allowing them to offer flexible payment options to customers without significant technical overhead.
  • Increase in Sales
    By offering a payment plan, Splitit can potentially increase sales for merchants as customers are more likely to make larger purchases when they can spread out payments.

Possible disadvantages of Splitit

  • Credit Card Requirement
    Customers must have a credit card with sufficient available credit to cover the full amount of the purchase, which might restrict some users from using the service.
  • Hold on Credit Amount
    While using Splitit, the customer's credit card will have a hold placed on the full amount of the purchase, potentially reducing their available credit.
  • Limited Market Presence
    Splitit's availability might be limited depending on the region, meaning not all merchants or customers can access its services globally.
  • Dependence on Card Issuers
    The service's operation depends on agreements with card issuers and networks, which may create dependency issues if partnerships change or end.

FuturePay features and specs

  • Flexible Payment Options
    FuturePay allows customers to make purchases without a credit card and pay for them over time, providing flexibility in managing finances.
  • No Hidden Fees
    The platform is transparent about its fees, which can help users avoid unexpected charges.
  • Ease of Use
    FuturePay is designed to be user-friendly, with a straightforward sign-up process and simple account management.
  • Improved conversion rates for merchants
    By offering alternative payment options, merchants can potentially increase sales and conversion rates.
  • Built-in Security
    FuturePay offers secure transactions, helping to protect both customers and merchants from fraud.

Possible disadvantages of FuturePay

  • Limited Merchant Availability
    Not all online stores accept FuturePay, which can limit where customers can use this payment option.
  • Potential for Increased Debt
    Because payments are deferred, users might find themselves spending more than they can afford, leading to increased debt.
  • Interest Fees
    While transparent, the service does charge interest on outstanding balances, which can accumulate if not paid off promptly.
  • Restricted to Online Transactions
    FuturePay is mostly used for online shopping, which may not be suitable for users looking for an in-store payment option.
  • Credit Checks Required
    To use FuturePay, consumers typically need to undergo a credit check, which might affect those with poor credit history.

Analysis of Splitit

Overall verdict

  • Splitit is considered a good option for those looking to split payments without taking on additional debt or interest. The service can be especially appealing to consumers who want to budget for larger purchases without impacting their credit rating. However, it's important to ensure that the merchant you're purchasing from supports Splitit.

Why this product is good

  • Splitit offers a unique payment solution that allows consumers to pay for purchases over time using their existing credit cards, without incurring interest or fees. This can be beneficial for managing cash flow and making larger purchases more affordable. Additionally, because Splitit's method doesn't involve opening a new line of credit, it avoids affecting the user's credit score.

Recommended for

  • Consumers who prefer interest-free payment plans
  • Individuals looking to manage cash flow efficiently
  • Shoppers who want to avoid impacting their credit score
  • People making larger purchases who prefer to spread the cost over time

Splitit videos

+ Add

SPLITIT GOES GLOBAL WITH MASTERCARD DEAL 💳

More videos:

  • Review - 3 PROBLEMS with buy now pay later. Afterpay, Zip Pay, Splitit etc.
  • Review - How Does Splitit Work for Shoppers?

FuturePay videos

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Category Popularity

0-100% (relative to Splitit and FuturePay)

Splitit

FuturePay

Business & Commerce
56 56%
Business & Commerce
44% 44
Online Payments
56 56%
Online Payments
44% 44
Office & Productivity
59 59%
Office & Productivity
41% 41
Buy Now Pay Later
56 56%
Buy Now Pay Later
44% 44

User comments

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What are some alternatives?

When comparing Splitit and FuturePay, you can also consider the following products

Sezzle - Sezzle is a digital payment platform designed to help shoppers manage their financial futures with great ease.

PayPal Credit - PayPal Credit provides financing options to businesses.

Affirm - Pay at your own pace. When you buy with Affirm, you always know exactly what you’ll owe and when you’ll be done paying.

Klarna - Klarna provides e-commerce payment solutions for merchants and shoppers.

Kiva - Loans that change lives -- amazing microfinance web-platform

Partial.ly - Partial.ly can be used as a business collections tool and increase cash flow by giving customers a payment plan option for large invoices.

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