Amazon taps Affirm to offer a new installment purchase option for buyers

Amazon taps Affirm to offer a new installment purchase option for buyers

Amazon and Affirm have teamed up to offer customers an instalment payment option for online products. This financing offer is available only to select customers. It allows eligible users to purchase relatively expensive items and then pay them over multiple monthly instalments rather than all at once.

Affirm is likely to be familiar to anyone who regularly purchases items online. It is the company behind retailer’s buy-now-pay-later options. This is a short-term credit that is paid off in a few months. It shows customers the monthly payment they can expect to pay.

Amazon claims that some customers have already access to the new financing option. This joins Amazon’s existing instalment payment option for particular items. The company stated that Affirm would offer more instalment options to its customers “in the next months”, though it is unclear how many will have access by the end.

Affirm will be available for purchases below $50. Customers will also need to be approved for financing. If a customer chooses to pay a monthly amount, they will see the total purchase amount over the term of the short-term credit agreement.

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The company states that it does not charge undeclared or late fees. In addition, Amazon offers an instalment financing option. This splits the payments into equal monthly instalments and is only available to customers with a credit card. People who do not want to use credit cards to finance their purchases will have the same financing option with Affirm.