ATLANTA and SAN FRANCISCO, Jan. 18, 2022 (GLOBE NEWSWIRE) -- Verifone, a global FinTech leader and payment solution provider to the world’s best-known retail brands, and Affirm, the payment network that empowers consumers and helps merchants drive growth, today announce a new partnership that will make Affirm’s transparent and flexible payment options widely available on Verifone’s eCommerce and card-present payment solutions. The partnership will enable merchants to offer their customers the ability to pay at their own pace using Affirm online and in-store, reinforcing Verifone’s commitment to staying ahead of market trends and meeting merchant and consumer needs in the ever-evolving payment space. Merchants will be able to offer Affirm’s full range of payment options, including biweekly and monthly payments with as low as 0% APR.
“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,” said Jeremy Belostock, Head of Advanced Payment Methods at Verifone. “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.”
“Partnering with Verifone advances Affirm’s goal of becoming ubiquitous by providing the opportunity to significantly expand our reach,” said Geoff Kott, Affirm’s Chief Revenue Officer. “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.”
The solution is easy to use for consumers. During an online checkout, the consumer simply selects Affirm and chooses their desired payment plan. Approved customers are shown the total cost of their purchase upfront and will never pay more than what they agreed to at checkout as Affirm never charges any late or hidden fees. In-store, the clerk or consumer chooses to pay with Affirm on the POS or Payment Terminal. The Verifone terminal displays a unique QR code for the transaction, which the customer scans with their phone camera and completes the transaction in the Affirm app.
In the coming months, merchants will be able to implement the solution with just one simple integration of their eCommerce or in-store solutions to Verifone’s Cloud Services platform. Verifone’s APM platform provides fast settlement and insightful, secure reporting to merchants.
Current Verifone merchants who want to begin taking Affirm payments online and/or in-store should contact their Verifone sales representative. The in-store solution requires one of Verifone’s Engage or new Android™ line of devices connected to the Verifone Cloud. New merchants, large or small, can learn more here and fill out this contact form to purchase the solution.
Verifone is a FinTech leader providing valuable end-to-end payment and commerce solutions to the world’s best-known retail brands, major financial institutions, and directly to more than 600,000 merchants alike. The company’s global services platform is built on a four-decade history of innovation and uncompromised security and handles 10.4B+ online and in-store transactions annually, totaling more than $440B. Trusted and recognized by consumers for its growing footprint of 35 million devices in more than 150 countries, businesses choose Verifone for its global scale, local capabilities, omnichannel prowess and solution flexibility. Learn more at Verifone.com.
Affirm’s mission is to deliver honest financial products that improve lives. By building a new kind of payment network — one based on trust, transparency and putting people first — we empower millions of consumers to spend and save responsibly, and give thousands of businesses the tools to fuel growth. Unlike credit cards and other pay-over-time options, we show consumers exactly what they will pay up front, never increase that amount, and never charge any late or hidden fees. Follow Affirm on social media: LinkedIn | Instagram | Facebook | Twitter.
Payment options through Affirm are subject to eligibility, and are provided by these lending partners: affirm.com/lenders. CA residents: Loans by Affirm Loan Services, LLC are made or arranged pursuant to California Finance Lender license 60DBO-111681.
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