UK FinTech start-up SPLT today announced the launch of its new group payment platform; an integrated white-labelled solution that allows groups to pay their own share at the point of purchase, and businesses to process those multiple payments against a single booking reference.
The platform is built for companies that frequently process bookings for groups of three or more customers; including airlines, accommodation, hospitality and entertainment providers, but do not have the built-in capabilities to manage individual payments from multiple individuals within a single booking.
SPLT’s middleware is seamlessly integrated into existing payment set ups, and works across all platforms and markets. Truly white-labelled, SPLT integrates into front end systems without a brand marker and creates a uniquely embedded social booking environment designed to increase conversion rates on group bookings.
“We are extremely proud to officially bring SPLT to the market, a platform to help business offer the kind of service they want to, but up until now could not” said Ryan Wylie, Co-Founder of SPLT. “Our ambition is to empower businesses on their own.com and remove the requirement to pay inflated online commissions by using our white labelled, lightweight platform to increase sales potential, as well as allowing their customers to make booking group activities the pleasure it should be, but so often is not.”
According to Crunchbase, up to 25% of social group bookings fail to convert because current booking systems are not fit for purpose.
With limited stats around group bookings, major airlines estimate their group travel bookings at roughly 10% of transaction volume, with some airlines converting less than 5% of their total volume directly on their own .com sites. While stay and ticketing platforms are collecting better data, they are faced with the same challenges regarding aggregator sites capturing majority transaction share. SPLT is a step in the direction to change that.
SPLT is about to enter its first round of investment and is seeking initial market integrations.