PALM SPRINGS, Calif.--(BUSINESS WIRE)--
ETAIL WEST 2017 – Affirm Inc., the company started by PayPal co-founder Max Levchin to give consumers honest financial products, today released pre-built integration software that has been tested and certified for Oracle Commerce and NetSuite SuiteCommerce. Retailers using either the Oracle or NetSuite e-commerce platforms are now able to offer shoppers the ability to break up payments for their purchases over multiple months with Affirm.
“Consumers are increasingly shying away from traditional credit due to decades of compounding interest, hidden fees, and unclear terms,” said Levchin. “By offering an easy way to pay over time, retailers can address the primary reservation holding customers back from buying big-ticket items, improve their overall customer experience, and set themselves apart from the competition. Transparent financing with Affirm tells customers you’re on their side by showing them before they push the ‘buy’ button exactly what they'll owe, with no gimmicks.”
Affirm lets shoppers pay for purchases over time with simple-interest, closed-ended loans, as opposed to traditional revolving credit products, which tend to charge compounding interest, hidden fees, and often come with misleading promotional offers that transition into higher rates.
For retailers, there is little risk in offering Affirm financing to customers, because Affirm pays retailers in full at the time of settlement, and takes full responsibility for both fraud and loan defaults. On average, retailers are seeing average order values increase by 75% with Affirm, and site-wide conversion rates are increasing by as much as 20%.
Today, Affirm has partnered with nearly 900 retailers to offer financing on their websites.
Commerce Architects, an Oracle Gold Partner since 2008, developed Affirm’s Oracle Commerce integration. Solupay Consulting Inc., a leading provider of payment gateways for Netsuite, developed Affirm’s NetSuite SuiteCommerce integration.
Affirm integration software is also available for e-commerce platforms AspDotNetStorefront, BigCommerce, Kibo Commerce, Magento 1.x and 2.0, Salesforce Commerce Cloud (formerly Demandware), Shopify and Shopify Plus, and Zen-Cart.
Affirm offers services that empower consumers to advance their financial well-being. Our goal is to revolutionize the banking industry to be more accountable and accessible to consumers. Today, Affirm shoppers get the flexibility to buy now and make simple monthly payments for their purchases. Unlike payment options that have compounding interest and unexpected costs, Affirm shows customers upfront exactly what they’ll owe — with no hidden fees and no surprises. Affirm also reaches a broader population of consumers through advanced technology and analytics that look beyond traditional FICO scores. These features increase customer satisfaction over other options.