Payment network Affirm is extending its partnership with social marketplace Poshmark to offer increased payment flexibility to shoppers, according to a press release.
Poshmark was among the initial companies to use Affirm’s Adaptive Checkout. Of Poshmark’s 80 million users, eligible shoppers can now tap Affirm and choose between monthly payments or four interest-free payments every other week for merchandise exceeding $50.
“As consumers embrace secondhand and turn to Poshmark for one-of-a-kind styles, great deals and readily available inventory, we’re giving them more flexibility and choice than ever through our expanded partnership with Affirm,” Poshmark Chief Operating Officer John McDonald said in the announcement.
“More than half of our available inventory is now eligible for Affirm’s payment solutions, and we’re seeing strong uptake of these options, demonstrating just how valuable this offering is to our loyal community of buyers and sellers,” McDonald added.
This expanded partnership follows Affirm’s Consumer Spend Report which showed that over 50% of consumers want to use an installment service to pay for purchases this year. Approved Poshmark customers selecting Affirm at checkout, can split the total cost of their purchase into biweekly or monthly payments, for as low as 0% APR.
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“Consumers increasingly demand flexible payment options, and our latest Consumer Spend Report revealed that nearly half of consumers will only complete a purchase if a retailer offers a pay-over-time at checkout,” said Affirm Chief Commercial Officer Silvija Martincevic.
“Our partnership with Poshmark now delivers increased flexibility through a wider range of payment terms, giving consumers more choice to shop their favorite secondhand styles on a budget-friendly schedule,” Martincevic said.
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Affirm is partnered with over 168,000 merchants, including Walmart, Target, Williams Sonoma, American Airlines, and more. Offering Affirm at checkout can drive overall sales, increase average order value, and increase customer repurchase rates.
Poshmark is a social marketplace for new and secondhand styles for women, men, kids, pets, home and more.
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