Does installments plans help increase conversions?

I’ve seen many of such companies popping up lately where your customers payment is split into 3 interest free installments but you get the money upfront but of course pay them a % fee.

Anyone tried and did it help with conversions? I think it might only work with big ticket items. The items I sell are generally $15-$30. Average order $40. So not sure if I should try it.