Securely Affirm Payments on Shopify

Shopify Partners With Affirm! How to Use Affirm and What You Need to Know

On July 22nd, Shopify announced a partnership with a firm called Affirm, which offers payment plans for customers buying online. This article discusses how this partnership can benefit Shopify merchants and customers, as well as how to set up Affirm on a Shopify store.

Benefits of Affirm:

- Customers can split payments over time with an approved payment plan.

- Affirm handles all payment collection, making the process easy for merchants.

- Affirm offers loans to customers, facilitating purchases online.

- Customers can choose their own payment plan, making it more flexible.

How to set up Affirm on a Shopify store:

- Install the Affirm Shopify app from the Shopify app store.

- Sign into the Affirm app and click enable in the Shopify dashboard.

- Configure messaging and select Affirm as an alternative payment provider in the payment section.

- Enter API keys and start with test mode before going to production.

Implications of this partnership:

- If more e-commerce sites integrate buy now pay later systems, the e-commerce space could explode.

- The economy runs on credit and loans, and this partnership could facilitate more purchases.

- It is currently only available for approved Shop Pay customers, but if it gains traction it could expand to anyone checking out.

The partnership between Shopify and Affirm offers benefits to both merchants and customers, making it easier to handle payment plans and loans online. Setting up Affirm on a Shopify store requires some configuration and understanding of the documentation, but can be a valuable addition to any online store. As the trend of buy now pay later systems grows, it will be interesting to see how this partnership develops and how it impacts the e-commerce space.

Shopify Lets you Offer different payment methods

In this article, we will discuss the payment methods accepted by Shopify, which is a popular e-commerce store software used by millions of e-commerce providers.

Payment Methods in Shopify:

1. Shopify Payment: It is processed through Stripe and offers credibility and accurate payment processing.

2. PayPal: A popular payment option that has been around for 25 years and is widely used.

3. Amazon Payments: A convenient option for customers who already have an Amazon account.

4. Stripe: It is a powerful gateway that offers global coverage and is available in geographies where Shopify does not have a merchant gateway.

5. A firm: A relatively new option that allows customers to delay paying everything upfront and make payments in installments.

Shopify offers various payment methods to ensure that customers are not locked into one payment option and can use the option that is most convenient for them. As a merchant, it is important to understand the different payment methods available and choose the ones that best suit your business needs.

Accept payment with Affirm

In this episode, you'll learn how to implement an HTML and JavaScript client to accept a one-time Affirm payment with a custom form. A firm gives customers in the US a way to split purchases over a series of payments. Depending on the purchase, they can pay with four interest-free payments using Split Pay or pay over a longer term in installments, which may include interest. To accept payment with a firm, customers are redirected to the Affirm site, where they authorize the payment by agreeing to the terms of a payment plan before returning to your website. That's where you'll do order completion. Once they accept the terms, the funds are guaranteed and transferred to your Stripe account. Then, your customer repays Affirm directly over time.

The recommended way to integrate Affirm is using Stripe Checkout or the payment element. In today's demo, we're going to show how to directly integrate Affirm, which you might use if you need to use server-side confirmation or if you need to present payment methods individually.

- How to implement an HTML and JavaScript client to accept a one-time Affirm payment with a custom form

- Customers in the US can split purchases over a series of payments with Affirm

- Redirected to Affirm site to authorize payment before returning to your website for order completion

- Funds guaranteed and transferred to your Stripe account; customer repays Affirm directly over time

- Recommended integration with Stripe Checkout or payment element; direct integration for server-side confirmation or presenting payment methods individually

Steps:

1. Create Payment Intent endpoint on server

2. Initialize Stripe object with publishable key

3. Add form element to collect customer information

4. Add event listener for form submission

5. Create payment intent on server using fetch API

6. Use Stripe.js to confirm Affirm payment with client secret and payment details

7. Display payment details using return URL

8. Add Affirm message to page using elements group and options

9. Mount Affirm message element to div with ID affirm-message

- Fully equipped to build an Affirm payment method integration

- Use Stripe Checkout or payment element for recommended integration

- Code available in Accept a Payment Stripe sample on GitHub

- Thanks for watching and see you in the next one!

Unprepared Ep 34 - How the Integration of Shopify with Affirm Can Change Ecommerce with Tony Zara

- Host welcomes Antony from Iron Pooley to the show

- Iron Pooley specializes in marketing automation for e-commerce companies

- They are excited about the Shopify integration with the buy now pay later option

Benefits of Buy Now Pay Later:

- Increases conversion rates

- Makes products more accessible to college students and those with financial constraints

- Changes how people consider products due to psychology of price

- Can be offered at no cost to retailers

How Buy Now Pay Later Works:

- Financing solution assumes risk

- Retailers can make a profit on offering financing

- Approval for installment payments may go down as demand goes up

Dynamic Remarketing with Affirm:

- Iron Pooley connects with Affirm API to get installment prices

- Can use dynamic remarketing to display Affirm price in retargeting ads on Google and Facebook

- To learn more about Iron Pooley's API integrations, reach out to Tony at Iron Pooley or find him on LinkedIn

- Rewind is a sponsor of the show and can protect your Shopify store with automated backups and quick recovery. Mention Unprepared to get your first month free.

How to sell your products in split payments on Shopify

In this article, we will be discussing Shopify payment installment or pay as you go. This has become a new trend in many e-commerce stores, and we will be looking at the top companies that offer this service. We will also be comparing the transaction fees of these companies and giving advice on which one to choose.

Companies Offering Payment Installments:

1. Affirm

2. Afterpay

3. Klarna

4. QuadPay

5. Sezzle

Comparison of Transaction Fees:

- Affirm: 5.99% + 30 cents per transaction

- Afterpay: 3% - 7% per transaction

- Klarna: Same as Affirm

- QuadPay: Range not disclosed, but comfortable for some clients

- Sezzle: 6% per transaction

Advice for Choosing a Company:

If you are watching this video before October 15th, we advise you to use Shopify Installments as they currently have the best rates. After October 15th, we recommend contacting the other companies and negotiating the lowest percentage possible for your store. Aim for 3% or lower, and do not go over 5%. It is also important to make sure there are no monthly or setup fees.

Payment installments are a great way to boost conversions in your e-commerce store. By giving customers the option to pay in installments, you can increase sales and revenue. When choosing a company, make sure to compare transaction fees and negotiate for the best rate possible.

Never Use Affirm Or Afterpay! Lessons Learned!

In this article, we will discuss three reasons why you should never use a firm, after pay, or any other point of sale financing company. While it may seem convenient to finance a purchase, it can have long-term consequences that are not worth it.

Reason 1: If you can't pay cash for it, you can't afford it

- A firm specializes in financing consumer purchases that deteriorate over time and have no real value.

- If you can't afford to pay cash for it, you should not be buying it in the first place.

- Using a firm to finance your purchases will only tie you into a long-term payment plan, keeping you stuck in the paycheck-to-paycheck cycle.

Reason 2: High APRs

- A firm offers APRs ranging from zero to thirty percent, with most being closer to the thirty percent mark.

- Going into debt for trivial items is already a bad idea, but doing so with a high APR is even worse.

- While the average credit card APR is around 15 percent, doubling that APR to 30 percent just to buy one item is not worth it.

Reason 3: False advertising

- A firm often advertises zero percent APR on purchases, but the reality is that the APR varies based on your credit score.

- If your credit score is not high, you will likely end up with a higher APR than advertised.

- Before financing a purchase with a firm, be sure to look at the fine print and understand what APR you will actually be paying.

While there may be some instances where financing a purchase with a firm is a good idea, it is generally not recommended. Instead, it is better to save up and pay cash for purchases, or only finance purchases that will have a return on investment. Remember, if you can't pay cash for it, you can't afford it.