Affirm (NASDAQ:AFRM) has expanded its relationship with Shopify by making “Shop Pay Installments eligible to all US merchants and powered by Affirm’s credit platform.
In a blog post, Affirm founder and CEO Max Levchin said they were thrilled to support these unique merchants:
“One in four merchants that used Shop Pay Installments during its early access saw 50% higher average order volume compared to other payment methods. Shop Pay Installments doesn’t just enable merchants to provide buyers with a more flexible and transparent way to pay, but it also provides unparalleled speed and ease of integration. Unlike other buy now, pay later solutions, Shop Pay Installments avoids sending buyers offsite to complete their purchase. Merchants saw 28% fewer abandoned carts through Shop Pay Installments after switching from a third-party buy now, pay later solution.”
Affirm has built a custom integration for Shopify merchants an Shop Pay can be enabled with “a few simple clicks.” Levchin says they have taken a complex tech problem and made it simple for businesses of any size.
Shares in Affirm received a bit of a boost from the news but it remains far below its 52 week high. This past February Affirm traded at around $140 a share. Today Affirm closed at $63 and some change. Bank of America recently boosted its price target for the Fintech to $71/share – partly due to its relationship with Shopify.