Affirm and Stripe Expand Partnership to Help Merchants in Canada Grow Revenue

Rhea-AI Summary

Affirm (NASDAQ: AFRM) expands its partnership with Stripe to introduce Affirm’s Adaptive Checkout™ to Canadian users. This offering allows merchants to implement pay-over-time options seamlessly. Notably, businesses using Affirm report a 41% increase in average order value compared to previous payment methods. Affirm’s Adaptive Checkout provides flexible payment plans, ranging from six weeks to 36 months, without late fees or hidden charges. The launch aims to enhance the checkout experience and cater to evolving consumer preferences in Canada, where Affirm joins over 240,000 merchants. The initiative is expected to drive sales, boost average order values, and increase repeated purchases.

Positive

• 41% increase in average order value for merchants using Affirm compared to previous payment methods.
• No late fees or hidden charges, enhancing consumer trust.
• Expansion into Canada strengthens Affirm's market position.
• Adaptive Checkout allows flexible payment plans from six weeks to 36 months.

Negative

• None.

Launch of Canadian partnership brings Affirm’s Adaptive Checkout™ to Stripe’s Canadian users

SAN FRANCISCO--(BUSINESS WIRE)-- Affirm (NASDAQ: AFRM), the payment network that empowers consumers and helps merchants drive growth, today announced that it is expanding its relationship with Stripe, a financial infrastructure platform for businesses, to Canada. Affirm’s Adaptive Checkout™ is now available to all eligible Canadian Stripe users, allowing merchants and platforms to add this pay-over-time option to their checkout experience in minutes.

“Stripe has been powering Canadian businesses since 2012 and our work with Affirm will help them continue to scale and adapt with changing consumer preferences,” said Sophie Sakellariadis, Product Lead for Payment Methods at Stripe. “By adopting Affirm, we’ve seen Stripe users boost their average order value with flexible payment plans.”

Businesses on Stripe that adopt Affirm have seen an average 41% higher average order value with Affirm compared to their existing payment methods.

“Since launching in the U.S. with Stripe, we’ve helped many businesses better serve their customers and drive growth by providing transparent and flexible payment options,” said Wayne Pommen, Chief Revenue Officer of Affirm. “We are excited to expand our partnership and strengthen our position as one of the leading providers in Canada. By providing consumers with greater choice to select the custom payment plan that is right for them, Adaptive Checkout has been proven to increase sales and conversion, and is now available to Stripe’s Canadian users.”

Adaptive Checkout uses Affirm’s smart decision engine to make a real-time underwriting decision and offer consumers optimized bi-weekly and monthly pay over time options side-by-side. By providing Adaptive Checkout, Canadian Stripe users now have the ability to offer a variety of payment options to their customers that range from six weeks to 36 months for as low as 0% APR. As always with Affirm, consumers will not be subject to any late fees or hidden charges.

Consumers who select Affirm as a payment option during checkout go through a quick, free soft credit check that does not impact their credit score. If approved, eligible customers will be able to split their purchases into bi-weekly or monthly payments. Even if they're late or miss a payment, a customer’s total payment amount will not increase as Affirm does not charge late or hidden fees.

Interested Stripe users can learn more about offering Affirm to their customers here.

Stripe joins over 240,000 merchants and platforms offering Affirm’s flexible and transparent payment options, including integrated partnerships in Canada with Apple, Hudson's Bay, Browns Shoes, and Samsung. Offering Affirm at checkout can drive overall sales, increase average order value, and increase customer repurchase rates.

About Affirm

Affirm’s mission is to deliver honest financial products that improve lives. By building a new kind of payment network – one based on trust, transparency and putting people first – we empower millions of consumers to spend and save responsibly, and give thousands of businesses the tools to fuel growth. Unlike most credit cards and other pay-over-time options, we show consumers exactly what they will pay up front, never increase that amount, and never charge any late or hidden fees. Follow Affirm on social media: LinkedIn | Instagram | Facebook | Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230413005340/en/

Press

Affirm

Matt Gross

press@affirm.com

Source: Affirm

FAQ

What is Affirm's new offering in Canada?

Affirm has launched its Adaptive Checkout™ for Stripe users in Canada, enabling flexible payment options.

How does Adaptive Checkout benefit merchants?

Merchants using Adaptive Checkout have reported a 41% increase in average order value.

Are there any fees associated with Affirm's payment plan?

Affirm does not charge late fees or hidden charges.

What are the payment term options available with Affirm?

Affirm offers payment plans ranging from six weeks to 36 months.

How does Affirm's credit check process work?

Affirm conducts a quick, free soft credit check that does not impact the customer's credit score.