Comparison · Updated October 24, 2026
Affirm vs Splitit (US)
Affirm
B-
Affirm is a buy-now-pay-later provider founded in 2012 by Max Levchin, Nathan Gettings, Jeffrey Kaditz and Alex Rampell, headquartered at 221 Main Street in San Francisco and listed on Nasdaq as AFRM since January 2021. For the fiscal year ended 30 June 2026 it reported $50.2 billion of gross merchandise volume, up 37%, across approximately 571,000 active merchants and 27.8 million active consumers. Merchants integrate Affirm as a checkout option, Affirm underwrites and funds the consumer, and the merchant is paid in full up front minus a fee. Two things make it materially different from card acceptance: Affirm bears the consumer fraud risk on transactions it approves, and the merchant fee is several times a card rate — third-party surveys of mid-market merchants report 2% to 8%, while Affirm's own filings put blended merchant network revenue at 2.3% of GMV in FY2026. Its BBB profile is A+ and accredited; its consumer Trustpilot score is 1.7 across roughly 7,700 reviews.
Splitit
B-
Splitit is an Atlanta-headquartered installment provider that works differently from every other name in buy-now-pay-later. There is no loan, no application and no new account: the shopper pays with a credit card they already hold, Splitit places an authorization on the card for the full purchase amount, and the balance is charged down in monthly or bi-weekly instalments against that same card's existing credit line. Because no credit is being extended, nobody is declined for credit — Splitit advertises approval above 85% against 30–40% for conventional BNPL, and an average order value above $1,000 against roughly $250. The company began life as PayItSimple, rebranded in 2015, listed on the Australian Securities Exchange, then took a $50m investment commitment from Motive Partners, delisted from the ASX and went private in December 2023. It is led by chief executive Nandan Sheth and registered in the United States as Splitit USA Inc., NMLS #2314339. Merchant pricing is quoted rather than published, across four plan tiers whose consumer APR ranges from 0% to 35.99% depending on which side absorbs the cost.
VS
Overview
We compare the two for a US merchant selling to US shoppers, using each company's published terms, plan pages and help documentation as of 24 October 2026. Neither publishes a merchant fee, so the useful comparison is who carries which risk and what the shopper has to have. Affirm is a lender: it checks each shopper's eligibility, pays you the basket up front less its fee, and collects the loan itself. Its filings say it bears consumer fraud risk and generally has no recourse to the merchant; you pay back refunded amounts plus a $15 fee when a dispute goes against you. Splitit charges instalments to a credit card the shopper already holds, with no credit check, and reserves the full amount on that card for the life of the plan. Its four plans range from 0% to 35.99% consumer APR, set by which plan the merchant buys. Under its Managed model you are funded twice a week, but its terms make you liable for fraud and for card chargebacks on every instalment. Affirm finances carts of $35 to $30,000 over 30 days to 60 months; Splitit defaults to a $10,000 maximum and 12 instalments.
Key Takeaways
- ✓It depends on your customers. Affirm suits merchants who want a lender to take the credit and fraud risk and whose shoppers may not hold a credit card with room on it. Splitit suits high-ticket sellers whose customers already carry credit cards with available limit, and who want instalments without a credit application.
- ✓Neither publishes its merchant fee. Affirm's 10-K says fees depend on each merchant's arrangement and are generally larger on 0% APR financing. Splitit sells four plans (Essential, Flex, Premium, Premium Lite) by quote; the 0% APR plans cost the merchant more.
- ✓Risk sits in different places. Affirm says it bears consumer fraud risk and generally has no recourse to the merchant; you reimburse refunded amounts and pay a $15 fee on disputes lost. Splitit's US Platform Agreement makes the merchant solely responsible for fraud and liable for chargebacks, and each instalment can be charged back separately.
- ✓Affirm's lending partners send an ACH every business day, and Affirm says the money lands 1 to 3 business days later. Splitit funds Managed merchants on Mondays and Thursdays, with money typically arriving the next day; Core merchants are paid as each instalment is collected.
- ✓Shoppers see different products. Affirm runs an eligibility check, charges 0% to 36% APR, offers 0% Pay in 4, and charges no late fees. Splitit needs a credit card with enough limit for the whole purchase, which stays reserved until the plan is paid off, and the APR runs from 0% to 35.99% depending on the merchant's plan.
Affirm
Choose Affirm if you want a lender to take on the shopper's credit and fraud risk, pay you every business day, and offer financing on carts from $35 up to $30,000 and terms as long as 60 months, including to shoppers without a credit card. Expect a negotiated fee that rises on 0% promotions, and Affirm's large consumer complaint load landing partly on you.
Splitit
Choose Splitit if you sell high-ticket goods to customers who already have credit cards with room on them and you want instalments with no credit application, no redirect and your own branding. Budget for chargebacks and fraud staying with you, a $10,000 default cap, and a quoted fee on every plan.
The Verdict
It Depends on Your Needs
Why?
Neither is better for every merchant. Affirm takes on more for you: it lends to the shopper, bears consumer fraud risk, pays out every business day and finances bigger carts over longer terms, including for shoppers who have no credit card. The cost is a negotiated fee that rises on the 0% offers that convert best, and a consumer reputation that sends some complaints your way. Splitit approves anyone with enough room on a credit card, keeps the shopper on your branded checkout and asks for no credit application. In return, fraud and chargebacks stay with you on every instalment, plans default to a $10,000 cap, and the shopper's card limit is held for the whole plan. Neither publishes a merchant price, so get quotes from both for the same basket and plan length before you decide.
Feature by feature
Detailed Comparison
Filter Options
Merchant pricing and funding (US, October 2026)
| Feature | Affirm | Splitit |
|---|---|---|
| Merchant fee | Not disclosed | Not disclosed |
| Neither company publishes a merchant rate. Affirm's FY2026 10-K says merchant fees depend on the individual arrangement with each merchant, vary by loan terms and product, and are generally larger on 0% APR financing. Splitit's pricing-plans page lists four plans with a 'Get a quote' button on each and no rates. Third-party estimates of either fee are not used here. | ||
| How the fee varies | Larger on 0% APR offers | Larger on 0% APR plans (Premium) |
| Affirm: per its 10-K. Splitit: Essential offers instalments 'at no extra cost beyond processing' with the shopper paying 0–35.99% APR; Flex balances APR and merchant fee; Premium gives the shopper 0% APR and the merchant pays for it; Premium Lite also gives 0% APR but cuts the merchant's upfront funding to lower the fee. Splitit can change its fee schedule on 30 days' written notice. | ||
| Upfront funding | Full basket, less fee | Full (3 plans); partial (Premium Lite) |
| Affirm deducts merchant fees and refunds from each settlement. Splitit's pricing page shows full upfront funding on Essential, Flex and Premium and partial upfront funding on Premium Lite. Splitit also offers a Core model in which you are paid through your own processor as each instalment is collected, at a lower price, per its developer docs. | ||
| Payout timing | Business-day ACH; 1–3 business days | Mon and Thu funding; next day (Managed) |
| No winner: Affirm pays more often, but the elapsed time from sale to bank overlaps. Affirm (Business Resource Hub, live October 2026): settlement is calculated from the previous day's captures; its lending partners send the ACH on business days only, and the bank receives it within 1 to 3 business days. One Affirm help article ('Why haven't I received a settlement?', September 2026) says 2 to 4 business days instead. Friday-to-Sunday charges are paid in Monday's settlement. Splitit (Managed merchants): Monday funding covers plans activated Thursday to Sunday, Thursday funding covers Monday to Wednesday, and payment typically arrives Tuesday or Friday. | ||
Merchant fee
Affirm
Not disclosed
Splitit
Not disclosed
Neither company publishes a merchant rate. Affirm's FY2026 10-K says merchant fees depend on the individual arrangement with each merchant, vary by loan terms and product, and are generally larger on 0% APR financing. Splitit's pricing-plans page lists four plans with a 'Get a quote' button on each and no rates. Third-party estimates of either fee are not used here.
How the fee varies
Affirm
Larger on 0% APR offers
Splitit
Larger on 0% APR plans (Premium)
Affirm: per its 10-K. Splitit: Essential offers instalments 'at no extra cost beyond processing' with the shopper paying 0–35.99% APR; Flex balances APR and merchant fee; Premium gives the shopper 0% APR and the merchant pays for it; Premium Lite also gives 0% APR but cuts the merchant's upfront funding to lower the fee. Splitit can change its fee schedule on 30 days' written notice.
Upfront funding
Affirm
Full basket, less fee
Splitit
Full (3 plans); partial (Premium Lite)
Affirm deducts merchant fees and refunds from each settlement. Splitit's pricing page shows full upfront funding on Essential, Flex and Premium and partial upfront funding on Premium Lite. Splitit also offers a Core model in which you are paid through your own processor as each instalment is collected, at a lower price, per its developer docs.
Payout timing
Affirm
Business-day ACH; 1–3 business days
Splitit
Mon and Thu funding; next day (Managed)
No winner: Affirm pays more often, but the elapsed time from sale to bank overlaps. Affirm (Business Resource Hub, live October 2026): settlement is calculated from the previous day's captures; its lending partners send the ACH on business days only, and the bank receives it within 1 to 3 business days. One Affirm help article ('Why haven't I received a settlement?', September 2026) says 2 to 4 business days instead. Friday-to-Sunday charges are paid in Monday's settlement. Splitit (Managed merchants): Monday funding covers plans activated Thursday to Sunday, Thursday funding covers Monday to Wednesday, and payment typically arrives Tuesday or Friday.
Best For Your Business
Recommendations based on your business type
Furniture, mattress or home-improvement retailer with $1,000+ orders and mixed-credit shoppers
Recommended
Affirm
Affirm lends to the shopper rather than relying on an existing card limit, so it can approve customers without a big enough credit line. It finances carts up to $30,000 and terms as long as 60 months and bears consumer fraud risk.
High-ticket seller whose customers already carry premium credit cards
Recommended
Splitit
Splitit uses the credit the shopper already has, with no application, no redirect and your own branding, and the shopper keeps their card rewards. Price in fraud and chargebacks, which stay with you.
Merchant with thin margins worried about fraud and friendly chargebacks
Recommended
Affirm
Affirm says it bears consumer fraud risk and generally has no recourse to the merchant. Splitit's US terms make you solely responsible for fraud and liable for chargebacks, and every instalment can be charged back.
Clinic, dental practice or field-sales business selling in person or by phone
Both sell in person as well as online: Affirm through its omnichannel products and payment-provider integrations, Splitit through Splitit Go for in-person, phone and online sales. Choose on credit profile. Patients with good cards suit Splitit; patients without them need Affirm's underwriting.
Store with average orders under $50
Neither. Affirm will not appear for carts under $35 ($50 on some programmes), and on small baskets a BNPL fee rarely pays for itself. Splitit is built for high-value orders, and holding a card limit for a small purchase adds friction without much gain.
Affirm: Best for 2 use cases
Splitit: Best for 1 use case
Frequently Asked Questions
Common questions about this comparison
Affirm is a lender. It checks each shopper's eligibility, pays you up front less its fee, and the shopper repays Affirm's lending partners at 0% to 36% APR. Splitit does not open a new credit line on its standard plans. It splits the purchase into instalments charged to the shopper's existing credit card and reserves the full amount on that card until the plan is paid. On its interest-bearing plans, Splitit's own lending entity is the lender, but repayments still come off the shopper's card.
Neither publishes a rate as of October 2026. Affirm's annual report says merchant fees depend on each merchant's arrangement and are generally larger on 0% APR financing. Splitit sells four plans by quote. Essential is described as costing 'no extra cost beyond processing' with the shopper paying interest, while Premium (0% to the shopper) costs the merchant more. Ask both for a quote on the same basket and plan length.
You are. Splitit's US Platform Agreement makes the merchant solely responsible for fraud and liable for any chargeback, and each instalment can be charged back separately like a card payment. For Managed merchants, Splitit moves the disputed amount, the outstanding balance and at-risk past charges into a reserve until the case is resolved. With Affirm, the company says it bears consumer fraud risk, but you reimburse refunded amounts and pay $15 when a dispute goes against you.
Affirm runs an eligibility check on each purchase and decides what to offer, sometimes asking for a down payment. Splitit says no application or credit check is needed, because the plan runs on credit the shopper already has. But the full purchase amount is held against their card limit, which raises card utilisation until the plan finishes.
Affirm's lending partners send an ACH every business day, and Affirm says the money arrives within 1 to 3 business days, with weekend sales paid in Monday's settlement. One Affirm help article says 2 to 4 business days. Splitit funds Managed merchants on Mondays and Thursdays, and money typically arrives the next day. Core merchants are paid through their own processor as each instalment is collected.
No. Splitit delisted from the ASX on 12 December 2023, when funds advised by Motive Partners closed the first US$25 million of a US$50 million investment and took a control stake. Shareholders had also approved moving the company's domicile from Israel to the Cayman Islands. It is now private and based in Atlanta. Affirm is public and trades on Nasdaq as AFRM.
Affirm's purchase-limit guidance sets a $30,000 maximum cart. It finances up to $20,000 for qualified shoppers, with the rest as a down payment, and plans run from 30 days to 60 months. Splitit's plans default to a $10,000 maximum order and up to 12 monthly or biweekly instalments, and Splitit describes both limits as defaults.
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