Splitit put an immediate hold on the card for the purchase...

Splitit put an immediate hold on the card for the purchase amount. The customer at purchase, chooses the option of how many payments over how many months. Say $1000 item over 20 months....they then pay $50 per month with zero interest (provided the payments are made on time) if not, splitit will not be the one chasing you. That will be MasterCard and visa who also won't chase...they will just collect interest. Each month, similar to when a hotel places a temp block on your credit card for a mini bar. Block for 1000 is removed and replaced again for 900. And so on 800,700.....this works for splitit and also the card provider. The merchant potentially makes more sales at higher value than without the product....the income from the sale is immediately recognised by financing facilities which will be set up in each country operating with this facility.....plenty has been written in the forum, I suggest looking back to prior the listing for our discussion on this type of thing....now hard to find in all the hype and downramping....feel like I'm back on a BIT thread god forbid