Partnerships / Acquisitions

Wayfair To Provide Customers Financing Through Affirm

Wayfair, an online destination for home furnishings and décor, announced Thursday (Oct. 27) a new, accessible financing option for its customers.

In a press release, Wayfair said it entered into a partnership with Affirm in which Wayfair offers shoppers another way to make purchases with the flexibility to buy now and make simple monthly payments for their purchases. This new financing program from Affirm is in addition to Wayfair’s existing private-label credit card offering and will extend financing options to a broader range of customers.

“We are committed to offering our customers the best retail experience in home, and that includes flexible financing options that meet our shoppers’ individual needs and budgets,” said Steve Oblak, general manager of Wayfair, in the press release. “In partnership with Affirm, we are able to extend another option to our customers and make it easier than ever before to shop for home furnishings on any budget.” Wayfair customers can select Affirm at checkout and view their monthly payments upfront before making a purchase.

“Affirm’s goal is to offer honest, responsible, transparent services that help the people we serve,” said Max Levchin, CEO of Affirm, also in the press release. “We are delighted to provide our services to Wayfair’s rapidly growing customer base and help people make their visions for home a reality. With Affirm, Wayfair is making financing more accessible to shoppers. There are no hidden fees or costs, and Wayfair shoppers using Affirm know their total cost upfront.”

Wayfair’s partnership comes at a time when the company is testing new grounds. This summer, it announced the launch of its first VR application for Oculus Rift. Called Patio Playground, the app allows the headset wearer to virtually navigate a lakeside setting and select different outdoor furniture sets and other products from the Wayfair collection. The goal is to help consumers create their ideal backyard by allowing them to “place” virtual renderings of their physical furniture in a real-esque world. We imagine the app works best for consumers whose backyards most closely resemble idyllic lakeside vistas. The Playground Patio app comes care of Wayfair Next, the company’s in-house R&D department.


Featured PYMNTS Study: 

With eyes on lowering costs to improving cash flow, 85 percent of U.S. firms plan to make real-time payments integral to their operations within three years. However, some firms still feel technical barriers stand in the way. In the January 2020 Making Real-Time Payments A Reality Study, PYMNTS surveyed more than 500 financial executives to examine what it will take to channel RTP interest into real-world adoption. Here’s what we learned.

Click to comment