US merchants using Stripe can now offer customers buy now, pay later instalment plans thanks to an integration with Affirm's adaptive checkout product.
Adaptive Checkout uses Affirm’s smart decision engine to make a real-time underwriting decision and offer consumers bi-weekly and monthly pay over time options side-by-side.
Now, businesses using Stripe can add this technology to their checkout experience in minutes. Eligible customers will then have the option to use Affirm to split the cost of purchases ranging from $50 to $30,000, with a maximum credit limit of $17,500.
Geoff Kott, chief revenue officer at Affirm, says: “Businesses who offer Affirm at checkout have reported as much as 85% higher average order values compared to other payment methods, and our new partnership delivers a powerful growth engine to the millions of businesses and platforms that use Stripe.”
The promise of increased revenue is bing realised by early adopter Orchard Mile.
“We were able to integrate Affirm, test, and then launch in production within one day,” said Ignacio Flores, technical lead engineer at Orchard Mile. “More than 25% of purchases are being paid through buy now, pay later, and our conversion rate continues to improve as customers have more flexibility to purchase the products they want.”