Shopify to offer installment payments through Affirm
In the next few months, Shopify sellers will be able to offer buy now, pay later options to their consumers
Merchants will receive the full payment up front, and Affirm will collect payments from customers
The company noted that sellers who offer this pay over time option see a bump in average order value compared to those who don't
"With the acceleration of online spending, many small businesses must reinvent themselves. This includes embracing the rising importance of e-commerce strategies and meeting consumers, particularly young shoppers, where they are,"
This service aims to attract new customers to merchants, especially Gen Z and Millennials who are looking for alternative payment methods when online shopping
"It's critical for businesses to make it easy for their customers to buy from them. Shop Pay Installments helps our merchants offer their customers more payment choice and flexibility, while delivering a seamless checkout experience to boost conversion and overall sales,"