Financial services company Stripe has deepened its partnership with Affirm, a financial technology services company providing installment loans to consumers at the point of sale, to enable Affirm’s Adaptive checkout payment feature available to eligible Canadian Stripe users.
Affirm’s adaptive checkout feature will allow merchants and platforms to add the pay-over-time option to their checkout experience in minutes.
Speaking on the recent partnership, product lead for payment methods at Stripe Sophie Sakellariadis said the partnership will help Canadian businesses scale and adapt to consumers’ evolving preferences.
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In her words, “Stripe has been powering Canadian businesses since 2012 and our work with Affirm will help them continue to scale and adapt to changing consumer preferences. By adopting Affirm, we’ve seen Stripe users boost their average order value with flexible payment plans”.
Reports reveal that businesses on Stripe that adopted Affirm have seen an average 41% higher average order value with Affirm versus existing payment methods.
Also commenting on the recent partnership is the Chief Revenue Officer of Affirm Wayne Pommen who said, “Since launching in the U.S with Stripe, we have helped many businesses better serve their customers and drive growth by providing transparent and flexible payment options. We are excited to expand our partnership and strengthen our position as one of the leading providers in Canada. By providing consumers with greater choice to select the custom payment plan that is right for them, Adaptive Checkout has been proven to increase sales and conversion, and is now available to Stripe’s Canadian users”.
Adaptive Checkout provides a wider array of personalized payment options for each transaction, including four interest-free biweekly payments, monthly payments, or both. Merchants with early access have seen an average incremental 26% increase in conversion.
Stripe joins over 240,000 merchants and platforms offering Affirm’s flexible and transparent payment options, including integrated partnerships in Canada with Samsung, Apple, Browns Shoes, and Hudson’s Bay. Offering affirm at checkout can drive overall sales, increase average order value, and increase customer repurchase.
Affirm’s mission is to deliver honest financial products that improve the lives of users. The company was founded with the goal to create honest financial products and services that empower consumers and improve lives. It aims to revolutionize the banking industry to be more accountable and accessible to consumers.
Affirm currently provides shoppers an alternative to traditional credit cards at the point of sale, giving them 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 pay each month with no hidden fees and no surprises.
Affirm partners with over 2,000 merchants to give shoppers the option to pay with Affirm at checkout including well-known brands across retail including home furnishings, travel, personal fitness, electronics, apparel and beauty, and more.