Affirm (NASDAQ: AFRM), the payment network that empowers consumers and “helps merchants drive growth,” and Fiserv, an international provider of payments and financial services tech solutions, announced a relationship that will “make Affirm available to Fiserv enterprise merchant clients later this year.”
With this partnership, Affirm will reportedly become “the first buy now pay later provider fully integrated to the Carat℠ operating system from Fiserv.”
Via this end-to-end integration, Fiserv enterprise merchant clients will be able “to add Affirm’s Adaptive Checkout™, which dynamically surfaces biweekly and monthly payment options side-by-side, to their checkout experience through a simple process.”
Eligible customers will then have the option “to split the cost of purchases and choose between biweekly or monthly payment options.”
True to Affirm’s long-standing commitment to never charge late or hidden fees, customers will “never owe more than they agree to upfront at checkout.”
Geoff Kott, Chief Revenue Officer at Affirm, stated:
“Roughly half of U.S. consumers, and three-fourths of millennials, will not complete a purchase if a retailer does not offer pay-over-time at checkout, according to a recent Affirm survey. By partnering with Fiserv, a payments and fintech leader with broad reach, we look forward to enabling more merchants to seamlessly offer Affirm at checkout. In doing so, merchants will have the opportunity to reach new customers and drive increased sales, while responsibly expanding consumers’ purchasing power through the flexibility and control our solutions offer.”
Mark Hennin, senior vice president and Head of Value Added Services at Fiserv, remarked:
“Businesses want to meet consumer demand for buy now, pay later options, and we’re seeing increased interest from larger businesses that want to offer multiple BNPL options and from small and mid-sized businesses that have not previously been able to offer these services. By enabling our clients to easily connect to the BNPL providers of their choice, including Affirm, we will make it possible for them to offer their customers in-demand payment options in an easy to manage, cost-effective way.”
Fiserv enables money movement for thousands of financial institutions and millions of people and businesses worldwide, “enabling 12,000 financial transactions per second, and is making payment options such as BNPL available to its merchant clients in response to growing demand.”
Affirm’s merchant network “includes major retailers such as Amazon, Target and Walmart along with name brands such as American Airlines and Williams Sonoma.”
Merchants who offer Affirm at checkout have “reported as much as 85% higher average order values when compared to other payment methods.”
