Affirm, a more transparent, flexible alternative to credit cards, announced it 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.”
Interesting in learning about the accelerated shift towards eCommerce?
COVID-19 has disrupted consumer spending habits. As the landscape changes, the rise in eCommerce has accelerated the shift of sales volume away from brick-and-mortar.
As the payments industry looks to adapt to this ‘new normal’, TSG has prepared an infographic covering recent trends and explores how certain payments industry players, such as gateways, are critical to the shift to eCommerce.
Click here to download your copy of the infographic
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