Affirm (AFRM) on Wednesday announced that it is expanding its global partnership with Shopify with the UK launch of Shop Pay Installments.
With Shop Pay Installments - powered exclusively by Affirm - customers can apply to split eligible purchases into monthly payments. If approved, shoppers can choose from customized interest-free or interest-bearing payment plans.
Since early access was provided to Shopify's UK merchants in October, thousands of UK merchants have activated Shop Pay Installments.
Shopify merchants can enable Shop Pay Installments today through their admin dashboard in just a few clicks.
"Since launching Shop Pay Installments in October, we've seen really encouraging early results. Orders placed have a 20% higher average order value (AOV) than other payment methods and a 16% higher AOV than other payment plan providers, and refund rates so far have been promisingly low," said Giorgia Pepe, Head of Websites at Abbott Lyon. "The added flexibility is clearly giving customers more confidence when choosing personalised and premium jewellery pieces."
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