Payments network Affirm and FinTech Verifone have entered into a partnership that will make Affirm’s flexible payment options widely available on Verifone’s e-commerce and card-present payment solutions.
Affirm said the partnership will enable merchants to offer their customers the ability to pay at their “own pace” using Affirm online and in-store. Merchants will be able to offer Affirm’s full range of payment options, including biweekly and monthly payments with as low as 0% APR.
Verifone provides end-to-end payment and commerce solutions to retail brands, major financial institutions, and directly to more than 600,000 merchants. Affirm aims to provide financial products and build a “new kind of payment network” that improves lives.
The company partnered with global retail giant Amazon to provide its US customers with BNPL options in 2021.
The solution, Affirm said, is easy to use for consumers. During an online checkout, the consumer simply selects Affirm and chooses their desired payment plan. Approved customers are shown the total cost of their purchase upfront and will never pay more than what they agreed to at checkout as Affirm said it never charges any late or hidden fees.
In-store, the clerk or consumer chooses to pay with Affirm on the POS or Payment Terminal. The Verifone terminal displays a unique QR code for the transaction, which the customer scans with their phone camera and completes the transaction in the Affirm app.
Jeremy Belostock, head of advanced payment methods at Verifone, said, “We predict that the buy now pay later (BNPL) market will continue to see rapid growth as more consumers use and gain trust in their preferred wallets, and as merchants expand their payment acceptance to cater to consumer demand.”
Geoff Kott, chief revenue officer at Affirm, added: “Consumers are demanding more flexible and transparent payment options wherever they choose to shop, both online and in-store. In fact, the latest Affirm Consumer Spend Report revealed nearly 50% of consumers will only complete a transaction if a retailer offers a pay-over-time option at checkout.”
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