Open-source commerce solution WooCommerce, which was built on WordPress, has deepened a partnership with buy now, pay later (BNPL) firm Affirm to offer new ways of paying over time in installments, a press release said Tuesday (May 24).
Eligible WooCommerce businesses can offer Affirm at checkout more easily, or PayBright in Canada, which is an Affirm company.
Customers approved will be able to split their purchase into four installments, in the normal BNPL mode, or they can select from various other installment plans.
The release noted that when paying with Affirm, customers will be shown the total cost of their purchase up front, not paying more than what they agreed to at checkout. The expectation is that this will boost sales and average order values, the release said.
“As a global partnership, WooCommerce merchants will be able to offer the ability to pay over time with Affirm in Canada through PayBright, while also positioning Affirm and WooCommerce to support merchants in additional geographies in the future,” said Wayne Pommen, senior vice president of Canada at Affirm.
See also: Affirm Surprises Market With Merchant and Customer Growth, Extended Shopify Pact
Affirm stock recently saw a spike of 30% over strong trading results and a partnership with Shopify, PYMNTS wrote.
The Shopify partnership included an extension of the Shop Pay installment program.
All of this came after months of turbulence, with Affirm shares falling 90% over six months and the whole BNPL industry seeing some rocky waters.
Max Levchin, founder and CEO, said the company had seen 81% of transactions coming from repeat Affirm users, and 1.5 million new customers added.
“[These are] consumers that joined our movement to replace confusing, outdated financial products with new, honest ones,” Levchin said.
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