IPO - Splitit Payments Ltd, page-82

But the alternative is you save for the $4000 item which would probably never happen if you can't even make the first payment of $333.

It's just seems like a free budgeting service provided by the supplier similar to Harvey Norman etc except you don't have to be approved by the merchant. I would guess any store currently offering those interest free terms would be happier to have all that done by Splitit as it eliminates the risk of customer default? Not sure how much HN make from the high interest rates and penalty fees on those pay later schemes. Maybe it is a profit centre for them?