Monthly options drive more sales with Shop Pay Installments
At Affirm, we know shoppers love flexibility in how they pay—even with buy now, pay later (BNPL) options. Some prefer a biweekly plan with 4 installments, others want to pay in monthly installments for more flexibility or for a more expensive purchase.
When you offer shoppers this range of payment flexibility, your business can see lifts in sales volume, conversion, and more. And now Shopify is making it easy for tens of thousands of merchants to do just that.
Shopify, the leading commerce platform that allows people to start, run, and grow a business, recently added monthly payment options to its popular BNPL feature known as Shop Pay Installments, powered by Affirm.
How it works
This new feature to Shop Pay Installments is more powerful and flexible than ever before, and it works for merchants of all sizes. Eligible U.S. merchants on the Shopify platform can enable Shop Pay Installments with a few clicks. Here are some of the features:
Buyers will be able to use Shop Pay Installments for cart sizes that range from $50 to $17,500, with payment terms ranging from 6 weeks to 12 months.
Customers who pay using Shop Pay Installments will not be charged any additional fees beyond what they agree to up front.
Merchants using Shop Pay Installments will not have to worry about collecting future payments from customers. You’ll receive the full purchase amount—minus fees—for every transaction, and we’ll handle collecting payment from customers.
Shop Pay Installments allows shoppers to increase their buying power by making big-ticket purchases more affordable through payment plans that best fit their budget.
Upsides for your business
Shop Pay Installments is the best BNPL solution for Shopify merchants. Once it’s enabled, your business can benefit from higher conversions, lower cart abandonment, more repeat purchases, and new customer acquisition.
Merchants who offer BNPL through Shop Pay Installments see up to 50% lift in average order value (AOV)—a significant increase over other BNPL providers. The increase was 18% higher than Afterpay, 12% higher than Klarna, and 26% higher than Sezzle, based on Shopify’s research when Shop Pay Installments was offered side-by-side with the other providers.
These perks add to other advantages you can get with Shop Pay, including a 4x higher checkout speed that helps reduce cart abandonment by up to 28%.
RevAir, a high-tech beauty company on the Shopify platform, has seen Shop Pay Installments outperform another BNPL provider and engage more customers. “Offering Shop Pay Installments is a no-brainer,” said Kim Carrasco, CCO at RevAir. “The customer experience is so smooth. Not turning it on would be a disservice to myself and my customer!”
Shopify merchants can follow these easy steps to add Shop Pay Installments.
Payment options through Shop Pay Installments are subject to eligibility and provided by Affirm’s lending partners: affirm.com/lenders. Rates from 0% APR or 10-30% APR.