Lending startup Affirm is partnering with Shopify in the United States to let the e-commerce company’s shoppers pay in installments.
At checkout, approved Shopify Shop Pay customers will have an option 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.”