Amazon is bringing Affirm’s buy now, pay over time financing option to its giant e-commerce platform, for some purchases over $50…
Amazon customers will soon have the ability to buy now and pay for products over time. These types of services have been increasingly more popular, especially during and in the wake of the global pandemic. With the option, consumers can buy a product and pay monthly installments. Unlike regular credit accounts, Affirm doesn’t charge late fees or hidden fees. But, consumers will pay between 0% and 30% for their loan period, which typically is 3-12 months.
Amazon and Affirm Team Up to Offer Buy Now, Pay Later Options
Select Amazon customers will set the option to split the total cost of purchases over $50 into simple monthly payments through Affirm. The price will display at checkout, and anyone using the payment option will not be charged any more than what’s agreed to when completing those purchases. SVP of Sales at Affirm, Eric Morse, explains:
“By partnering with Amazon we’re bringing the transparency, predictability, and affordability that Affirm provides today to the millions of people who shop on Amazon.com in the US. Offering Affirm’s alternative to credit cards also delivers more of the payment choice and flexibility consumers on Amazon want.”