US-based payment network Affirm has expanded its partnership with financial infrastructure platform Stripe, to Canada.
The launch of their Canadian partnership will make Affirm’s ‘Adaptive Checkout’ available to Stripe’s Canadian users, so that merchants and platforms can add the “pay-over-time” option to their checkouts.
Adaptive Checkout gives consumers bi-weekly and monthly pay-over-time options side-by-side, with eligible Canadian Stripe users able to offer payment options to their customers that range from six weeks to 36 months.
When Affirm is selected as a payment option during checkout, the consumer goes through a free “soft” credit check that does not impact their credit score. If approved, eligible customers will be able to split their purchases into bi-weekly or monthly payments.
Wayne Pommen, chief revenue officer of Affirm, said: “We are excited to expand our partnership and strengthen our position as one of the leading providers in Canada.
“By providing consumers with greater choice to select the custom payment plan that is right for them, Adaptive Checkout has been proven to increase sales and conversion, and is now available to Stripe’s Canadian users.”
In January, Stripe became a strategic payments partner for Amazon in the US, Europe and Canada, as part of an expanded global agreement, having worked together since 2017.
“Stripe has been powering Canadian businesses since 2012 and our work with Affirm will help them continue to scale and adapt with changing consumer preferences,” said Sophie Sakellariadis, product lead for payment methods at Stripe.
“By adopting Affirm, we’ve seen Stripe users boost their average order value with flexible payment plans.”