Here at Affirm, we’re celebrating the success of our partnership with Magento, the leading e-commerce platform provider. “With over 200 joint clients, the combination of Affirm and Magento is clearly resonating in the marketplace,” said Max Levchin, Affirm’s CEO. “Magento helps retailers deliver a state-of-the-art e-commerce presence to showcase and sell their products, and Affirm helps make those products more affordable for consumers, enabling them to buy sooner and enjoy the benefits of the products much more quickly.”
The extension for Magento 2.0 offers support for new capabilities, including Affirm Multiple Financing Programs (MFP), a set of tools enabling e-commerce retailers to tie financing options to specific products, product categories, and cart amounts. (See our blog post about MFP.)
Magento’s e-commerce platform seamlessly integrates with Affirm’s retail financing solutions, which give consumers the flexibility to buy now and make simple monthly payments for their purchases. While millennials continue to shun traditional credit cards, they still want the convenience of credit. By providing a fair and transparent alternative to credit cards, Affirm is opening up responsible borrowing to a much wider pool of consumers, expanding their purchasing power and broadening retailers’ market reach.
Affirm pays retailers in full at the time of settlement, so retailers see very little risk in offering Affirm financing to shoppers. Some retailers offering and promoting Affirm have seen a conversion lift as high as 75%, and AOV increases of 100–200%.
“The combination of Affirm and Magento continues to make big contributions to our business and to the phenomenal growth we are seeing,” said Osher Karnowsky, general manager of luxury goods online retailer Jomashop, one of the fastest-growing members of the IR 500, ranking #161 on the 2015 list with 45% year-over-year growth. “The power and agility of the Magento platform coupled with the consumer benefits offered by Affirm are a powerful combination that is a key driver of Jomashop’s growth.”