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Splitit enables consumers to make monthly payment installments

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Splitit, an Israeli FinTech startup, developed an interest-free payment technology that reportedly enables patients to make interest-free monthly payment installments on their existing Visa and MasterCard credit cards.

Splitit, an Israeli FinTech startup, developed an interest-free payment technology that reportedly enables patients to make interest-free monthly payment installments on their existing Visa and MasterCard credit cards.

The product reportedly allows patients to pay for any family member's medical treatment, whether it is necessary or elective. This is said to eliminate the hassle that comes along with applying for financing.

Payments are spread over time, which is designed to give patients greater control over their budget without the added expense of interest charges. No credit check is required.

More on technology: Simplifeye helps dentists stay up-to-the-minute with their practices

Patient benefits are said to include:

  • Avoidance of high credit card interest rates

  • Greater financial control

  • No need to schedule payments or manage another billing cycle

  • No fine print or hidden catches

  • Enjoyment of credit card benefits such as points, cash back or mileage

Splitit is said to work through patients' providers. The provider will reportedly ask how many interest-free monthly payments the patient would like to split the total cost of the medical treatment into on his or her Visa or MasterCard credit card. The patient needs to provide basic information, such as email address and phone number.

For example, a $1,000 treatment split into 10 payments will be paid off in $100 monthly payments for 10 months. The patient's credit card will be authorized for $1,000, and the credit line is held for the entire cost of the treatment. Each month, the payment amount is charged to the credit card, and the hold on the credit line is reduced by the same amount. The interest-free monthly payment will appear on the patient's regular credit card statement under the doctor's name.

For more information, visit splitit.com.

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