What is Affirm?
Affirm is a privately held financial technology company headquartered in San Francisco, CA, United States. Founded in 2012, the company operates as a financial lender of instalment loans for consumers to use at the point of sale to finance a purchase.
How do you use Affirm for payments?
1. Fill your cart and select the Affirm payment option on the checkout page.
2. Enter a few basic pieces of information to identify yourself. Affirm will let you know if you are approved for a loan in real-time.
3. Review your payment plan details and click confirm to finalize the loan.
How do Affirm monthly payments work?
Affirm is basically a loan financing company. They allow online shoppers to purchase goods and services from online vendors and retail shops on credit. The credit can be paid off by the buyer through fixed monthly payments over time.
The company also charges no service or prepayment fee, or any other hidden charges.
Does Affirm affect your Credit Score?
Creating an Affirm account, pre-qualifying, and applying for a loan will not affect your credit score, as Affirm only does a soft credit check.
Does Affirm report to a Credit Bureau?
Yes, Affirm reports most of its loans and payments to the credit bureau Experian.
Why should Affirm be your choice when you choose a Payment plan?
“There are moments in time when the world changes forever. This is one of those times.”
That’s how Affirm’s Chief Commercial Officer Silvija Martincevic described the impact two recent crises—the global Coronavirus pandemic and widespread unrest over racial injustice—are having on our communities across the country. Her remarks were part of an online discussion with the business of retail about how consumer values are changing commerce today.
‘New essentials’ emphasize comfort at home:
The shelter-in-place orders that came with the pandemic changed how consumers spend their money and what they expect from retailers. “Our homes have become restaurants, gyms, schools, as well as workplaces,”
This transformation caused a massive shift towards online buying of “new essentials,” including comfortable clothes, cookware, furniture, self-care (teeth-straightening), and fitness gear.
Opportunity grows for new shopping experiences:
Flexible payments have become a priority for consumers, as many have constrained budgets and reduced incomes. This, in turn, presents an opportunity for retailers. Affirm noted that many small and mid-market retailers are doubling down on digital efforts to acquire new customers with flexible payments. In fact, the number of mid-market merchants that partnered with Affirm more than doubled from February to March.
Two-thirds of Americans have tried pay-over-time options, and research has shown more than half of consumers actively favour brands that offer this kind of payment flexibility.
“The Coronavirus crisis will cement that appeal with consumers,” Affirm predicted. Retailers who offer alternative payments can increase conversion, cart sizes, and repeat purchase rates, according to Affirm data. Flexible payments will also widen the sales funnel for many retailers as online spending keeps growing.
The popularity of mobile commerce will add a layer to omnichannel options. Safety concerns will make contactless payments a major priority—even as consumers go back into stores. Mobile payment options, such as Affirm, will help drive this change.
Technology and values will drive growth:
The massive shift in online and mobile purchasing is “here to stay”. This is a time for retail businesses to be nimble with technology, from mobile customer onboarding to social media marketing to localized push notifications.
Affirm urges retailers to lean into values of transparency and accountability. Shoppers will “vote with their wallets” and buy from brands that are authentic and driving change. Consumers will also need more payment options as we face a recession, and they’ll favour businesses that avoid gimmicks, hidden fees, and fine print.
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