Splitit is a technology company that enables Merchants to offer installment plans to their customers. Your purchase is always from the Merchant, but Splitit will handle your payments.
Immediately after checkout you will see two transactions on your credit card account. One is your first monthly installment and the second is the authorization, which is a required part of paying in installments. Only the first installment is a charge. The authorization is NOT a charge and will not be due on your credit card bill. It simply guarantees your purchase to the Merchant and temporarily holds the funds on your card.
- In most cases the authorization hold will drop within several business days, but sometimes your bank may hold the funds up to the length of your plan. Your bank controls the timeline of the hold; Splitit cannot get a hold dropped for you.
- For some plans, the hold is periodically re-authorized (at lesser amounts as you make installment payments). You can find these details in your Plan Creation email from Splitit and by looking in the Splitit Shopper Portal.
You will receive emails from Splitit throughout your plan updating you on the plan status. The Splitit Support team is available 24/7 by chat or email to help you with any questions you have on your plan.
Depending on the Merchant you purchased from there are some variations to installment plans that are not described here. To see exactly how your plan works, log in to the Shopper Portal and in the 'Plan Details' section, select 'How Splitit Works?' This will take you to a detailed explanation of your specific plan.