NEW YORK—Splitit, a New York-based fintech start up, has partnered with Leonardo Hotels to bring no interest payments to travelers who book at Leonardo’s more than 115 properties across Europe and the Middle East. The agreement debuts in October.
Splitit allows consumers to use their existing credit cards to divide the cost of a high-ticket travel purchase into as many as 12 payments, making travel more accessible for consumers—and helping travel providers increase conversion, generate revenue and reduce cart abandonment, according to the company. Via a Splitit button placed on the merchant’s final purchase page, travelers can charge any purchase on their existing credit card and pay it back in monthly interest free installments.
Gil Don, Splitit’s CEO and co-founder, said, “Now, for the first time, guests around the world can enjoy the benefits of travel, with payments spread across a number of months—without onerous interest charges. By using the Splitit solution, online merchants can increase online order values and decrease cart abandonment dramatically. We are already serving dozens of fine retailers around the world, and are excited to launch our service in the travel space, where it is badly needed.”
According to Splitit, it has helped many online retailers increase conversion by more than 20%, bump up online revenues by more than 15%, and decrease cart abandonment by more than 10%.