Shopify’s platform has gotten a little more inclusive, now offering a payment financing option.
It was announced yesterday (Aug. 20) that the eCommerce company has partnered with Affirm to give Shopify merchants in the U.S. the ability to offer shoppers installment financing at checkout. Affirm is the financial technology company started by PayPal Cofounder Max Levchin that lets consumers purchase and take items in-hand, while paying for them in monthly installments utilizing interest loans.
“We are dedicated to providing the tools needed for our merchants to successfully run their businesses,” said Andrew Paliga, product manager at Shopify, in a press release. “We’re excited that the Buy with Affirm payment option is now available on our platform.”
The release states that the partnership was motivated by a desire among online retailers that use Shopify to be able to offer Affirm financing to their consumers. The latter company built the technology needed to support the Buy with Affirm service on the Shopify platform, and it is now able to be offered by all U.S. Shopify merchants.
“Affirm has been bringing financing to top, innovative merchants across the Web, and we have been driving increased checkout conversions, higher average order values and repeat purchasing,” said Levchin in the release. “Now we’re excited to introduce this powerful tool to Shopify merchants, all with just a few clicks.”
As expressed in the press release, Affirm installment loans are available at hundreds of eCommerce sites across all verticals. Using its technology, the company attests, online merchants have seen their average order values (AOVs) increase as much as 80 percent and conversion rates by more than 20 percent.