If you were looking for a way to make your products more accessible to customers without lowering your revenue, Affirm might be just perfect for your eCommerce.
Affirm is a payment option that allows you to purchase online products now and pay later in monthly installments. It’s an excellent option for customers who cannot pay in full and will need credit for their purchase. And it’s safe, too! In fact, it’s trusted by big names such as Walmart, Expedia, Wayfair, and more than 2000 other retailers.
What does Affirm do, exactly?
Affirm grants a short term personal loan to the customer if they cannot complete the payment with a credit card. It also works for when they do not have enough balance to pay with a debit card. This is actually better than maxing out a credit card, which could lower credit scores.
Affirm does not charge fees for their loans. They only perform a real-time soft credit check, and the process is speedy. They also don’t have a minimum credit score requirement or credit history.
The overall process is quite quick for the customer so it won’t affect checkout times or encourage cart abandonments. Quite the opposite, in fact, and can be fulfilled in three easy steps.
- The first step is a simple application filled with basic information, followed by a real-time evaluation and decision.
- Next, customers pick their payment plan with options ranging from 3 to 36 months.
- Finally, Affirm confirms the transaction and takes on the risk, from costly chargebacks to fraud.
- Affirm assumes 100% of the risk, so there is no credit, fraud, or chargeback risk to merchants.
- Merchants see their sales conversions increased by up to 25% and increase their average order values.
- The repeat purchase is easily performed by a one-click process, and returning customers have increased by 36% on average for Affirm’s partners.
- Affirm checks FICO score, as well as thousands of data pointsto evaluate borrowers. This means that they can approve more shoppers for financing relative to traditional credit products.
- Affirm settles directly with the merchant within one to three business days, and assumes 100% of the credit and fraud risk.
So whether you cater to a cost-conscious demographic, appeal to a young adult audience (who might not have a good credit score, or no credit at all), deal with expensive items or simply want to have a more complete payment offer in your eCommerce, you should definitely consider adding Affirm as an alternative payment solution.
To learn how to implement Affirm into your eCommerce, drop us a line today!