Financing

Shop Pay by Affirm is a "Buy Now, Pay Later" (BNPL) service integrated within Shopify's checkout process. It allows customers to purchase items immediately and pay for them over time, making it easier to manage larger purchases without needing to pay the full amount upfront.

How It Works

1. Selecting Shop Pay Installments:

• During the checkout process on a Shopify store, customers choose Shop Pay as their payment option.
• If the purchase qualifies for installments, the customer can select the "Pay with Affirm" option.

• Customers provide some basic information, and Affirm performs a soft credit check (which does not affect credit scores) to determine eligibility and offer terms.
• If approved, the customer will see the available payment plans, which typically range from 4 interest-free bi-weekly payments to monthly payments with interest, depending on the order total and eligibility.

• The customer selects their preferred payment plan and completes the purchase.
• Affirm pays the merchant upfront, and the customer repays Affirm according to the chosen payment schedule.

• Payments are automatically deducted from the customer's bank account or credit/debit card as per the schedule agreed upon.
• Customers can manage their payment plans, view their balance, and make payments through the Affirm app or website.

Benefits

• Flexibility to manage finances by spreading the cost over time.
• Transparent terms with no hidden fees.
• Instant approval decisions at checkout.