Digital financing provider Snap Finance has teamed up with Affirm. Merchants that use Snap now have the ability to integrate Affirm’s additional financing options to collect more sales from “high-intent shoppers” and provide alternative payments to people who are developing or rebuilding their credit profiles, according to a Wednesday (April 21) announcement.
Individuals can apply for Affirm with a bit of information without affecting their credit scores, while underwriting decisions are “made in seconds at checkout,” according to the announcement.
“With Affirm, Snap delivers more inclusive options for retailers across sizes and categories, helping them build lasting relationships with their customers. Retailers benefit when their customers can use buy now, pay later (BNPL) on a schedule that works for their budget,” noted David Laycock, chief commercial officer at Snap.
Providing different pay-over-time choices can assist merchants with bolstering conversion rates for purchases made in-store and online. A number of pay-over-time financing offerings don’t include individuals who do not qualify for financing through traditional credit models. However, Snap and Affirm assist merchants with providing a pay-over-time choice “that takes into consideration more than a consumer’s credit score when making underwriting decisions,” according to the announcement.
Affirm teams with more than 7,900 merchants in the U.S., helping them expand sales and access new shoppers, according to the announcement.
Vacation rental management system Vacasa is also teaming with Affirm to bring flexible payments to the travel sector. “We want to ensure that those who book with Vacasa have flexibility throughout the booking process and become excited about their trip, without worrying about paying for their entire vacation upfront,” Vacasa Chief Revenue Officer Mike Dodson said in an announcement. When individuals reserve a trip on Vacasa, they will be able to choose Affirm at checkout and split the cost of a U.S. trip into monthly payments over three months, six months or one year.