06/10/2021 | Press release | Distributed by Public on 06/10/2021 06:03
Today, we're officially launching Shop Pay Installments - our buy now, pay later product specifically designed for Shopify merchants. Exclusively powered by Affirm in the U.S., Shop Pay Installments is now available to hundreds of thousands of U.S. merchants, and will be automatically enabled for new merchants when they enable Shopify Payments and Shop Pay.
With Shop Pay Installments fully integrated with the Shopify platform, merchants retain a centralized view into everything from performance to product pages to inventory. Shop Pay Installments has also been proven to boost sales: one in four merchants using it during early access saw 50% higher average order value compared to other payment methods. In addition, merchants saw 28% fewer abandoned carts through Shop Pay Installments after switching from a third-party buy now, pay later solution.
'Our average cart size on Shop Pay Installments is double that of regular checkout as more customers are buying larger bundles of our socks,' said Daniel Shim, co-founder of ONDO, an ethical apparel brand creating no-show, sweat-resistant, and non-slip socks. 'Having Shop Pay Installments on the same platform where we run our business has helped us get more data-driven, leading us to launch new products for the summer.'
Shop Pay Installments helps merchants give their buyers flexibility when paying for purchases at checkout. Buyers can split payments into four equal installments, interest-free and with no additional fees.
By activating Shop Pay Installments, merchants unlock significant benefits:
'We built Shop Pay Installments to give merchants a critical and easy-to-use financial tool to grow their sales,' said Kaz Nejatian, VP, Product, Merchant Services at Shopify. 'Our partnership with Affirm combines their technology and expertise in buy now, pay later with our deep understanding of our merchants' unique needs and the power of our commerce platform. Together we are delivering the best possible buy now, pay later experience for merchants and their buyers.'
'All businesses regardless of size deserve access to technology that can help them grow and succeed, which is why we custom-built Shop Pay Installments in partnership with Shopify,' said Max Levchin, Founder and CEO of Affirm. 'At a time when consumers are demanding more flexible and transparent payment options, providing a pay-over-time solution that doesn't hit consumers with late or hidden fees is no longer a nice-to-have, but a must. We are thrilled to be making Shop Pay Installments immediately accessible to hundreds of thousands of Shopify merchants in the U.S., and the millions of consumers they serve, as we advance our vision of becoming ubiquitous.'
U.S. merchants interested in Shop Pay Installments can check their eligibility here.