Deferred Payment Agreement
1. Introduction
These Terms and Conditions govern the use of SplitNow’s payment facilitation services. By selecting SplitNow as a payment method, the customer agrees to be bound by these Terms.
SplitNow provides a short-term deferred payment solution that allows customers to split the cost of goods or services into multiple installments. SplitNow facilitates payments between customers and merchants and does not manufacture, supply, or deliver goods.
SplitNow operates in accordance with applicable provisions of the National Credit Act 34 of 2005 where relevant to short-term deferred payment arrangements.
SplitNow does not represent itself as a credit provider requiring registration with the National Credit Regulator, where the structure of the product falls outside the definition of a regulated credit agreement under the Act.
2. Nature of the Agreement
SplitNow enables customers to:
- Obtain goods or services immediately from a merchant
- Pay the purchase amount in three equal installments
- Make the first payment immediately at checkout
- Pay the remaining installments over an agreed period
SplitNow facilitates payment scheduling and collection on behalf of the merchant.
The agreement constitutes a payment arrangement and not a revolving credit facility.
3. Eligibility Requirements
Customers must:
- Be at least 18 years of age
- Reside in South Africa
- Provide accurate personal information
- Have a valid debit or card payment method
- Meet affordability and risk assessment criteria
- Accept the payment schedule at the time of purchase
SplitNow reserves the right to approve or decline any transaction.
4. Payment Terms
4.1 Installment Structure
Payments are structured as follows:
- First installment payable immediately at checkout
- Remaining installments payable on scheduled dates
- Installment intervals are typically 30 days apart
Customers authorise SplitNow to debit their selected payment method for scheduled installments.
4.2 Hybrid Payments
Where the transaction amount exceeds the approved spending limit:
- A portion of the purchase may be paid upfront
- The remaining balance may be split into installments
- Applicable fees may be included in the first payment
5. Fees and Charges
SplitNow may apply:
- Platform service fees
- Payment processing fees
- Late payment fees where applicable
- Administrative fees for failed payment attempts
All fees are disclosed before the customer confirms the transaction.
SplitNow does not charge interest where the product structure falls outside regulated credit agreements, unless explicitly disclosed.
6. Affordability Assessment
SplitNow may perform affordability or risk assessments prior to approving a transaction. These assessments may include:
- identity verification
- income verification
- bank account verification
- transaction behaviour analysis
Customers consent to such assessments as part of using the service.
7. Missed or Failed Payments
If a payment fails:
- SplitNow may retry the payment automatically
- Customers will be notified of failed payments
- Late fees may apply
- Access to SplitNow services may be restricted until the balance is settled
Persistent non-payment may result in:
- account suspension
- collection procedures
- limitation of future access to SplitNow services
8. Merchant Responsibility
The merchant is responsible for:
- product quality
- delivery timelines
- warranties
- returns and exchanges
- compliance with consumer protection laws
SplitNow does not control merchant operations.
9. Cancellations and Refunds
Refunds are processed only once the merchant confirms the refund approval.
Refunds may:
- reduce the outstanding installment balance
- be returned to the original payment method
- be applied proportionally to amounts already paid
Fees charged by third-party payment processors may not be refundable.
10. Compliance with Consumer Protection Legislation
SplitNow aims to align operations with:
- National Credit Act principles relating to responsible lending
- Consumer protection standards
- fair and transparent disclosure practices
- affordability consideration processes
Customers are encouraged to review transaction terms before confirming payment.
11. Customer Responsibilities
Customers agree to:
- provide accurate information
- maintain sufficient funds for scheduled payments
- review transaction terms before confirming
- comply with applicable laws
- notify SplitNow of any disputes promptly
12. Fraud Prevention
SplitNow reserves the right to:
- decline transactions suspected of fraud
- request supporting documentation
- suspend accounts under investigation
- cancel transactions where misuse is detected
Providing false information may result in termination of services.
13. Limitation of Liability
SplitNow is not liable for:
- merchant failure to deliver goods or services
- product defects or warranty claims
- indirect or consequential financial losses
- delays caused by third-party payment processors
- incorrect information supplied by customers
Liability is limited to the financed portion of the transaction.
14. Data Protection and Privacy
Customer data is processed for:
- identity verification
- transaction processing
- affordability assessment
- fraud prevention
- regulatory compliance
SplitNow implements reasonable safeguards to protect customer data.
15. Amendments
SplitNow reserves the right to amend these Terms at any time.
Updated Terms will be published on the website.
Continued use of SplitNow constitutes acceptance of the revised Terms.
16. Governing Law
These Terms are governed by the laws of South Africa.
Any disputes shall be handled within the applicable South African legal framework.
Effective Date: 01 November 2025