Splitit is a technology company that enables Merchants to offer installment plans to their customers. Your purchase agreement is always with the Merchant you bought from. Order status, delivery, returns, and refunds are handled by the Merchant, so always contact them first for these questions.
Upon plan creation, you will see two transactions on your card account:
- The total plan amount minus the first installment - this is a TEMPORARY transaction.
- This transaction verifies your card has enough available credit and will not be a charge you have to pay.
- It will drop from your account within 30 days, but often much sooner. The timeline is determined by your bank/card issuer - please contact them for questions on when the hold will be released.
- This authorization is a required part of the process and happens with other types of purchases like gasoline, hotels, etc. A valid authorization must be secured to create an installment plan.
- The first installment amount and it is charged now.
- Future installments will be charged on the same date each month.
Every six months your plan is required to be reauthorized for the current outstanding balance. Just like upon plan creation:
- This transaction verifies your card has enough available credit and will not be a charge you have to pay.
- It will drop from your account within 30 days, but often much sooner. The timeline is determined by your bank/card issuer - please contact them for questions on when the hold will be released.
Important: if a recurring authorization is declined, we will email you to let you know. You will be given 6 days to resolve this with your card provider or by changing your payment card to a different one. During this time, we will continue to try the declined transaction. If you are not receiving emails from Splitit please check your Spam folder or reach out to our Support team.
After 7 days, if the transaction is still declined, we reserve the right to charge your card with the installment amount or up to the full outstanding amount (depending on the reason for the decline) using the last successful authorization. This may mean that your plan will be cleared early and you will have lost the ability to pay in installments.
For any further questions please utilize the Live Chat feature to get instant answers, 24/7 to your questions.
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