Through this expanded collaboration, Affirm aims to bring its solutions to J.P. Morgan Payments’ network of merchants, allowing those using the Commerce Platform to provide flexible and optimised pay-over-time plans at checkout. Additionally, integrating Affirm at checkout is set to enable US merchants leveraging the Commerce Platform to equip their customers with the option to select Affirm as a payment method when making a purchase.
After going through an eligibility check, and if approved, customers can benefit from a set of customised payment options and can choose the biweekly or monthly plan that suits their needs and preferences. With Affirm’s technology and real-time underwriting, merchants are set to be able to serve a wider range of customers and their transactions, delivering payment plans for cart sizes from USD 35 to USD 30,000 and with term lengths from 30 days to 60 months. Also, Affirm does not impose late or hidden fees on users.
Furthermore, the initiative allows Affirm to join the J.P. Morgan Payments Partner Network, which merges J.P. Morgan Payments’ suite of solutions and its third-party relationships to support clients in developing, implementing, expanding, and improving payment strategies based on their business requirements. Commenting on the news, representatives from Affirm mentioned that the integration with J.P. Morgan Payments enables their company to scale its footprint and reach, offering more businesses the solutions they need to advance their operations in the current retail landscape while also facilitating flexibility and transparency for consumers.
Just a week before this announcement, Affirm expanded its collaboration with Adyen into the UK, enabling the latter’s merchants in the region to integrate and provide Affirm at checkout. Through this, consumers were set to be able to utilise a wider range of interest-free and interest-bearing instalment options.
During the same period, Affirm started working with Experian to scale credit reporting and include all pay-over-time products for its customers and businesses. By offering information about all of its pay-over-time transactions to Experian, Affirm intended to support optimised transparency and responsible lending for its customers.
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