Payment network Affirm has announced that it will continue to be the exclusive pay-over-time provider for Shop Pay Installments in the US following a partnership renewal with Shopify, in the internet infrastructure provider for commerce.
The new partnership between Affirm and Shopify will also extend into Canada. This is only the beginning as the partnership looks to expand into new markets across the globe, with sights set on the UK. Over the coming months, eligible Shopify merchants in Canada will be able to offer Shop Pay Installments powered by Affirm at checkout.
Approved customers will be able to choose from customised biweekly and monthly payment plans, with rates as low as 0 per cent APR, term lengths up to 24 months, and no late or hidden fees.
“Given the success of our long-standing partnership with Affirm in the US, bringing them to our merchants internationally is a no-brainer,” said Kaz Nejatian, COO of Shopify. “Affirm’s premier technology, world-class team, and commitment to transparency make them a natural fit to continue supporting merchants in the Shopify ecosystem, and we look forward to bringing this same value to our merchants in Canada, the U.K., and beyond.”
“Five years ago, Shopify and Affirm teamed up to create a bespoke payment solution that helps all kinds of businesses thrive by giving their customers more choice and flexibility,” said Max Levchin, founder and CEO of Affirm.
“Since then, millions of consumers in the US have relied on the value Shop Pay Installments offers, and we’ve heard from merchants all over the world who are clamouring for the growth potential it provides. We’re excited to deliver on that promise and continue our international expansion.”
