Affirm Powers Shopify's US Shop
July 23, 2020
Affirm, a more transparent,
flexible alternative to credit cards will exclusively power Shopify’s
Shop Pay Installments in the United States. Starting later this year,
Affirm’s buy now, pay later financing solution will be made available to
eligible Shopify merchants in the U.S. who want to offer this flexible
payment option to their customers.
At checkout, approved Shop Pay customers will be able to split their
total purchase amount into four equal, bi-weekly, interest-free
payments. True to Affirm’s long-standing commitment to never charge late
or hidden fees, customers will not be charged any additional fees.
Eligible U.S. Shopify merchants who elect to offer Shop Pay Installments
to their customers will not have to worry about collecting future
payments from customers. They will receive the full purchase amount,
less fees, upfront, and Affirm will handle payment collection.
“With the acceleration of online spending, many small businesses must
reinvent themselves. This includes embracing the rising importance of
e-commerce strategies and meeting consumers, particularly young
shoppers, where they are,” said Max Levchin, Founder and CEO of Affirm.
“By partnering with Shopify, the gold standard of commerce platforms for
businesses that want to sell direct-to-consumers, we can help merchants
seamlessly enable a pay-over-time option at checkout. In doing so, we’re
helping them reach new customers, particularly Gen Z and Millennials,
who are looking for more transparent and flexible ways to pay.”
critical for businesses to make it easy for their customers to buy from
them. Shop Pay Installments helps our merchants offer their customers
more payment choice and flexibility, while delivering a seamless
checkout experience to boost conversion and overall sales,” said Kaz
Nejatian, VP and GM of Shopify’s Financial Solutions Team. “We’re
looking forward to partnering with Affirm to bring this powerful
pay-over-time payment option to our merchants and their customers in the
U.S., unlocking their ability to succeed and grow their businesses.”
Affirm merchants who offer consumers a similar pay-over-time option
today see an increase in average order value and overall sales.
Affirm and Shopify will begin testing in the coming months, with Shop
Pay Installments expected to be made available to eligible U.S.
merchants starting later this year.