Worldpay merchants can now offer their customers both bi-weekly and monthly payment options with a new multi-year partnership with buy now, pay later (BNPL) provider Affirm, which leverages its Adaptive Checkout tool.
According to Affirm, merchants with early access to Adaptive Checkout have experienced, on average, a 26% increase in cart conversion, a 22% boost in approvals, and a 20% increase in sales, as opposed to offering monthly installments via Affirm alone.
“It’s becoming increasingly important for merchants to provide pay-over-time payment solutions with consumer demand continuing to grow,” said Jim Johnson, head of merchant solutions at FIS, in a prepared statement. “By integrating Affirm’s products at checkout, our merchants will be best-placed to capture new sales opportunities and revenue streams, helping them continue to grow into the future.”
Earlier this year, Affirm announced that it was cutting 19% of its workforce after missing the mark on earnings. In March, the company also closed down its operations in Australia, and said that it will be primarily focusing on its operations in the U.S. and Canada.
Overall, Affirm has been struggling to mirror the growth it has experienced in fiscal 2022. And through this partnership with Worldpay, the company is working to restructure it’s global reach and leverage Worldpay’s more than one million merchants worldwide to drive additional growth.
“Consumers are demanding more flexible and transparent options that enable them to pay over time without any junk fees or hidden charges,” said Becca Stone, Vice President of Strategic Partnerships at Affirm in a prepared statement. “By partnering with Worldpay, we are excited to expand the reach of our honest financial products. We look forward to supporting Worldpay’s merchants to drive growth and better serve their customers by providing customizable payment plans that help consumers make their money go further.”