Affirm, a payment network, has partnered to make its payment options available on VeriFone’s online and card-present payment solutions.
This partnership will allow merchants to provide their customers with the ability to pay at their own pace leveraging Affirm’s online and in-store options.
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Merchants will be able to provide Affirm’s complete range of payment options, including biweekly and monthly, with an APR of 0%.
Verifone head of advanced payment methods Jeremy Belostock said: “We predict that the buy now pay later (BNPL) market will continue to see rapid growth as more consumers use and gain trust in their preferred wallets, and as merchants expand their payment acceptance to cater to consumer demand.
“Verifone is excited for this partnership with one of the clear leaders in the pay-over-time space. Adding Affirm to our existing portfolio of peer-to-peer, cryptocurrency, international payment apps, and BNPL Advanced Payment Method offerings gives Verifone merchants another tool to drive growth and attract new consumers, and the offering complements our extensive line of end-to-end solutions that revolutionize and streamline buying journeys.”
Affirm chief revenue officer Geoff Kott said: “Partnering with Verifone advances Affirm’s goal of becoming ubiquitous by providing the opportunity to significantly expand our reach.
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By GlobalData“Consumers are demanding more flexible and transparent payment options wherever they choose to shop, both online and in-store. In fact, the latest Affirm Consumer Spend Report revealed nearly 50% of consumers will only complete a transaction if a retailer offers a pay-over-time option at checkout. We look forward to supporting Verifone’s wide range of merchants, from large omnichannel enterprises to SMBs, and enabling superior experiences at checkout.”
For online checkout process, consumers are required to choose Affirm and select their desired payment plan.
The total cost of their purchase is shown to approved customers, who are not required to pay more than what they agreed to at checkout.
At in-store, consumers need to select to pay with Affirm on the POS or payment terminal.
A unique QR code is generated for each transaction at the Verifone terminal and customers have to scan with their phone camera and finish the transaction in the Affirm app.
In the months to come, merchants will be able to provide the solution through an integration of their eCommerce or in-store solutions to Verifone’s Cloud Services platform.
Verifone’s APM platform is claimed to offer quick settlement and secure reporting to merchants.
Presently, Verifone merchants who plan to commence taking Affirm payments online and/or in-store are required to contact their Verifone sales representative.
For the in-store solution, one of Verifone’s Engage or new Android line of devices need to be linked to the Verifone Cloud.
