Affirm, Inc., the company started by PayPal co-founder Max Levchin to deliver consumers honest financial products, announced that Affirm Multiple Financing Programs (MFP), which enables ecommerce retailers to tie financing options to different products, product categories and cart types, are now available.
With MFP, Affirm gives retailers the power and flexibility they’ve been asking for — to build upon successful Affirm integrations by providing multiple, customizable financing options. For example, the new controls can be used to offer special financing promotions to clear specific inventory by promoting sales with attractive financing terms when items are added to shoppers’ carts. Further, with new Affirm modal windows, retailers can customize the experience to match the look and feel of their websites.
“Consumer financing should not be an on-off switch for retailers that sits passively on the checkout page. It should be a tool that enables retailers to incorporate financing across all of their marketing programs,” said Levchin. “With Affirm Multiple Financing Programs, retailers can identify specific products, product categories and cart types, and offer the right consumer financing solution for each. By proactively informing consumers about fair, transparent and honest financing options, retailers are helping drive more sales while establishing a trusted relationship with their shoppers.”
Affirm lets shoppers pay for purchases over time with transparent, simple-interest loans, as opposed to traditional credit products that typically charge compounding interest and fees of all kinds, or come with promotional offers that transition into higher rates and fees.
For merchants, there is little risk in offering Affirm financing to their shoppers because Affirm pays merchants in full at the time of settlement. Affirm is proven to lift conversion rates as much as 25% and increase average order values by more than 80%.
"We're excited to explore the possibility of offering multiple pay-over-time financing options based on specific products and categories," said David Kalt, CEO of Reverb.com, the online marketplace for musicians to buy and sell music gear. "At the end of the day, we want to make it as easy as possible for our customers to purchase the gear that they want and need, and the flexibility to provide tailored financing programs allows us to further empower our customers.”
Affirm’s customizable Multiple Financing Programs is now available to all merchants, including users of Affirm’s soon to be released extension for Magento 2.0, which automates the integration of Affirm’s pay-over-time financing service with Magento’s latest platform.