Affirm, the financial products company started by PayPal Co-Founder Max Levchin, announced Monday (Feb. 27) the launch of pre-built integration software that has been tested and certified for Oracle Commerce and NetSuite SuiteCommerce.
In a press release, Affirm said retailers who use either Oracle or NetSuite eCommerce platforms can now offer shoppers the ability to break up payments for their purchases over several months. “Consumers are increasingly shying away from traditional credit due to decades of compounding interest, hidden fees and unclear terms,” said Levchin. “By offering an easy way to pay over time, retailers can address the primary reservation holding customers back from buying big-ticket items, improve their overall customer experience and set themselves apart from the competition. Transparent financing with Affirm tells customers you’re on their side by showing them before they push the ‘buy’ button exactly what they’ll owe, with no gimmicks.”
Affirm provides shoppers with simple-interest, closed-end loans, as opposed to traditional revolving credit products which often have compounding interest, hidden fees and what Affirm calls misleading promotional offers that result in higher interest rates. According to Affirm, for retailers offering its services, financing comes with little risk because the company pays the retailers in full at the time of settlement. And, if it’s a fraudulent payment or the borrower defaults, Affirm is responsible.
The company says when retailers use Affirm, they see an average order value increase of 75 percent, with site-wide conversion rates increasing by as much as 20 percent. As it stands, Affirm said it has close to 900 retailers who offer its financing on their websites. Affirm integration software is also available for eCommerce platforms AspDotNetStorefront, BigCommerce, Kibo Commerce, Magento 1.x and 2.0, Salesforce Commerce Cloud (formerly Demandware), Shopify and Shopify Plus and Zen Cart, noted the company.