BigCommerce has expanded its multi-year partnership with Affirm the payment network that empowers consumers and helps merchants drive growth. BigCommerce merchants of all sizes will now be able to use Affirm’s Adaptive Checkout product. Eligible customers will have the flexibility and control to choose which payment schedule works best for them.
“Innovative, digital payment options have become increasingly essential for merchants to offer their customers at checkout. Additionally, consumers, especially younger generations, are demanding transparency from their chosen providers,” said Mark Rosales, VP of payments at BigCommerce. “Affirm’s scale and reliability, combined with the unparalleled flexibility and transparency they offer consumers, make them an obvious choice and great pay-over-time solution for our merchant network.”
Accessible within the BigCommerce Control Panel, merchants can enable and display Affirm’s pay-over-time solution at checkout. Customers will see bi-weekly and monthly payment options side-by-side with Affirm’s smart proprietary technology, which makes real-time underwriting decisions and surfaces customised payment schedules.
Key partnership benefits include:
- Offer smarter payment options. Merchants can now deliver custom payment options. Offering bi-weekly and monthly payment options side by side for eligible customers, on purchases ranging from $50 to $17,500.
- Increase brand awareness and attract more customers. Merchants will have the opportunity to tap into Affirm’s shopper network of 12.7M+. At the same time, maximising marketing efforts with promotions and messaging tools to attract new customers.
- Drive conversions and add higher order values. Merchants who offer Affirm at checkout have reported as much as 85% higher average order values. In addition to a 26% increase in cart conversions and 20% repeat purchase rates when compared to other payment methods. Merchants can also create more purchasing opportunities for customers with merchandising features. This includes prequalification and dynamic price messaging, helping drive conversion and average order value.
BigCommerce merchants who elect to offer Affirm to their customers do not have to worry about collecting future payments from customers who checkout with Affirm. They will receive the full purchase amount, less fees and Affirm will handle payment collection.
“More than ever, consumers are looking for flexible ways to pay that deliver affordability, predictability and control. In fact, recent Affirm data shows that nearly two-thirds of consumers plan to use a buy now, pay-over-time solution for purchases this year,” said
Scott Williams, vice president of strategic partnerships at Affirm. “Now, tens of thousands of merchants on BigCommerce’s platform can offer Affirm to their customers. Doing so will not only help them better serve their customers but will help them increase sales in the process.”
Enterprise Times: What this means for business
Covid-19 forced consumers to rapidly change their behaviours. Retailers were forced to pivot their business model and adapt technologically to the changing consumer environment. Analysts suggested that the consumer wallets would possibly shrink. A possible solution to improving consumer confidence is the Pay-Over-Time Solution or buy-now-play-later (BNPL) model which is gaining popularity in the UK. Last year, BigCommerce added BNPL provider Sezzle to its roster to provide access to an easy-to-use buy now pay later facility. Now BigCommerce merchants can now offer Affirm’s flexible and transparent bi-weekly and monthly payment options to their customers. These facilities will help online shoppers who don’t have access to or have avoided using traditional credit cards. However, they are still looking for a budget-friendly way to make purchases. Another sensible corporate move by BigCommerce.
