Affirm Supports Four More eCommerce Platforms

Retailers using the Kibo Commerce, BigCommerce, AspDotNetStorefront or Zen-Cart eCommerce platforms now have a new financial support option as of Tuesday (Nov. 29).

Affirm, Inc. — the San Francisco-based financial company “for everyday people” started by PayPal Cofounder Max Levchin back in 2012 — announced yesterday morning that the company has added support for the above four additional eCommerce platforms.

As a means to make the banking industry more accountable and accessible to consumers, Affirm lets shoppers pay over time with simple-interest loans. Traditional credit products often charge compounding interest and fees. Any retailers working with these platforms can now offer their consumer base the ability to break up payments over multiple months when purchasing products online.

However, this doesn’t mean that merchants who sign on will potentially miss out on revenue. Affirm pays merchants in full at the time of settlement. And if anything, Affirm could work to increase revenue overall.

Affirm has ­­­­­­­­­reportedly been proven to raise merchants’ conversion rates as much as 25 percent and has been found to increase the average value of orders for some merchants by over 80 percent. Affirm says it is capable of reaching a broader range of consumers through analytics that look beyond FICO scores.

Levchin is quoted as saying: “We now partner with over 850 retail clients, and we’re seeing increased demand from retailers across the commerce ecosystem. With this new set of eCommerce platform partners in place, Affirm is able to accommodate hundreds of additional retail partners looking to make their products more accessible and affordable to shoppers. We look forward to continued support and expansion throughout 2017 and beyond.”

Prior to the announcement, Affirm featured native support for the Salesforce Commerce Cloud, Magento, as well as Shopify and Shopify Plus. In October of this year, Affirm obtained a $100 million lending facility from Morgan Stanley. The company is on pace to triple its year-over-year loan volume. Affirm planned to leverage the facility to continue expanding its consumer-friendly POS financing for on- and offline retailers.