Payment Plans

1. Request a payment plan: Complete a short form to request a quote. Your IKAWA account manager will send you a quote including; duration, your monthly payment plan and a breakdown of your order. 

2. Review and accept quote: Once you accept this quote, we will send you a proforma invoice and a Splitit link where you will be able to see the breakdown of your payments. Splitit is a global payment solution enabling shoppers to pay for purchases with an existing credit card by splitting the cost into interest-free monthly payments, they are facilitating the payment plan.

3. Commence payment plan: Input your card and billing details to Splitit by following the link we send. Once you submit that information, your payment plan will begin.

4. Confirmation, invoice and shipping: Shortly after, you will receive confirmation from us, along with accompanying documentation. We will then arrange the shipment of your order.

What is Splitit?
Splitit is a global payment solution enabling shoppers to pay for purchases with an existing credit card by splitting the cost into interest-free monthly payments. 

How does Splitit work?
Splitit requests authorisation from your card company, reserving the total invoice amount from your available line of credit. Then, each month, according to your payment plan, the instalment amount is collected, and Splitit requests authorisation for the remaining balance. Here is an example of how the service works for a customer making a purchase totalling £3,000 in 10 instalments of £300 each:

1. Splitit obtains authorisation from the credit card company for the full purchase amount of £3,000. This authorisation is not a charge on the card; it is merely reserving £3,000 from your line of credit.

2. The credit card company then charges you £300 for the first payment.

3. During the second month, Splitit requests authorisation for the outstanding purchase amount of £2,700 and charges you the second instalment of £300.

4. This authorisation and charge process continues until the full £3,000 is collected —in this case, for eight months.

Please note that the reserved amount from your credit line might appear as ‘pending transaction’ on your credit card statement.

How much will using this service cost me?
It varies depending on the number of instalments you choose. It won’t be more than 7.5% of the value of your invoice, and you will see it on your quote and invoice. The fee breakdown is as follows:

From 2-3 installments: 3%

From 4-6 installments: 4.5%

From 7-12 installments: 7.5%

Which cards are supported?
You can use Visa and Mastercard.

What happens to my credit score?
Nothing. If you use a Splitit instalment plan there is no impact on your credit score. Your bank will see each instalment charge as a regular purchase.

Is there a seperate application process?
No. There is an instant approval process. If you have enough funds available on your credit line to cover the total purchase amount, you will be able to start your payment plan directly from the link that we send you.

How can I track my payments? How do I know when they are due?
When you make a purchase using Splitit, you will provide your email. Splitit will send you credentials, so you can log in to the Splitit consumer portal to check your instalment status and view other information regarding your purchase. You can click here to access the Splitit consumer portal.

In addition, each month, your credit card statement will display the instalment charge amount for that month. You will also see the authorisation/hold for the outstanding amount dropping by one instalment, every month. Also, Splitit will email you after each successful instalment charge.In addition, each month, your credit card statement will display the instalment charge amount for that month. You will also see the authorisation/hold for the outstanding amount dropping by one instalment, every month. Also, Splitit will email you after each successful instalment charge.

Can I pay off my installments early?
Yes, the option is available in you Splitit consumer portal.

What happens if I don’t have enough funds to cover the invoice total at the time I want to make my first payment?
If you don’t have enough funds, Splitit will not be able to reserve the purchase amount by holding the funds. Therefore, the first instalment will not be able to be completed. As such, your payment plan will not be able to be processed. If you are having difficulties with this, talk to your IKAWA account manager. We may be able to advise you.

What happens if I need to switch the card with which I want to continue the payment plan?
You can simply visit the Splitit consumer portal and update your payment plan with another credit card. Go to the “payment plan information” tab, select your payment plan and click “update card details.” Enter the new credit card details and click “confirm”. If you have enough funds to cover the remaining balance on your payment plan, you should be able to switch without any issues.

What happens if my credit card is lost or stolen halfway through my payment plan?
Firstly, if your card is lost or stolen contact your card company to report it as lost or stolen. Then update your card details on the Splitit consumer portal by following the same steps from the previous question..

What happens if my credit or debit expires during my payment plan?
One month before the credit card expiration, Splitit will notify you via email and give you the option to switch the payments to your new card. You can switch credit cards directly by visiting the Splitit consumer portal and updating your payment card details.