The customers select Splitit payment, walks out with the goods....

The customers select Splitit payment, walks out with the goods. if they default in payment Splitit and the vendor will seek for debt collection.

Should read like this

Splitit withdraws the amount owing direct from the credit card the customer provided, and pays the vendor immediately on time.

The Customer who never paid his Splitit bill - then has to re-pay his credit card debt to the bank that gave him the credit card in the first place - at whatever interest rate they are offering him.

0 risk to Splitit, 0 risk to the vendor, 0 debt collection required.... this is not the APT model