Adyen announces partnership with Affirm, a payment method that provides consumers a transparent way to pay over time online and in-store.
Adyen (AMS: ADYEN), the global payments platform of choice for many of the world's leading businesses, today announced a partnership with Affirm, a payment method that provides consumers a transparent way to pay over time online and in-store.
Adyen allows merchants to accept payments online, in-app, and in store. Through a single integration, Adyen's merchants can now add Affirm as a payment option with a few clicks. By offering Affirm at checkout, both online and in-store via QR code, merchants can give their customers the option to split the cost of their purchase into installments and pay monthly or every other week, choosing a schedule that best fits their budget, without hidden or late fees.
"Consumers are increasingly looking for flexible and transparent ways to pay, and merchants who enable these types of payment options can rapidly accelerate their own sales," said Silvija Martincevic, Affirm's Chief Commercial Officer. "We're excited to partner with Adyen to help ignite their merchants' growth, while also bringing Affirm's convenient and transparent pay-over-time option to even more consumers!"
"At Adyen, we aim to give our merchants' shoppers the best experience possible by offering all the ways they like to pay," said Brian Dammeir, President of North America at Adyen. "Partnering with Affirm makes sense as the demand for pay-over-time payment solutions has only grown in recent years in the United States, especially gaining traction as more people have been staying home. Our merchants see demand from their consumers for these sorts of payment options and we're excited to bring Affirm onto Adyen's platform both online and in-store."
Adyen merchants that are offering Affirm include Bugaboo, whose eligible consumers can now buy their favorite high-end stroller or play yard and pay in monthly payments over 3, 6, or 12 months with interest as low as 0% APR. For example, a $600 purchase might cost $100 per month over 6 months at 0% APR.
Affirm's 6,000 merchant partners, which include adidas, Bonobos, Casper, Dyson, Oscar de la Renta, Peloton, Walmart, and more, see an increase in average order value and overall sales. In 2019, merchants using Affirm reported 85% higher AOVs when compared to other payment methods, and in the first half of 2020 nearly 70% of Affirm purchases were from repeat users.
This new integrated offering is available now to Adyen's eligible ecommerce merchants and will be available for in-store checkout through QR code in the coming weeks.