Looks like some kind of patent in place. Need to do a deeper...

Looks like some kind of patent in place. Need to do a deeper dive on its veracity to protect against similar products. But overall, I like the product as long as they can board enough merchants and aren't 'too successful', as VISA/Mastercard will start getting annoyed the credit facility is not being churned to scalp their regular fees. I guess that is somewhat offset by the fact that many customers don't use their full CC limit.

The other issue I had was who misses out if a customer defaults on their CC? Normally the merchant wears no risk as the Bank has already paid them, but in the Splitit scenario, the customer has taken the goods but has not yet paid the merchant in full. So does Splitit join the creditors list as part of the Bank's recovery processes or does the merchant join the list and so potentially misses out of full payment?

https://patents.google.com/patent/US20140279098