Before making an online purchase with a Visa or Mastercard credit card from a merchant participating in Splitit, consumers can choose to be billed in up to 12 monthly installment payments. When cardholders make their choice, the information goes directly to Splitit, which sends an authorization request to their issuer for the full amount. More than 80% of authorization requests from Splitit have been approved. After receiving the authorization, Splitit advises the issuer to bill the cardholder for the first installment amount only. Merchants receive the full amount within two days. Neither ...