Shopping Cart Elite Announces Partnership With Affirm to Expand Payment Options

NEW YORK, March 19, 2019 (Newswire.com) - ​​Merchants using Shopping Cart Elite’s e-commerce platform can now offer financing for online purchases thanks to a new integration with Affirm, which was founded by entrepreneur Max Levchin to provide fair and honest alternatives to traditional credit. This new payment option will be available for any Shopping Cart Elite merchant to integrate in their online store. It will allow customers to purchase items immediately and pay for them over time in line with their budgets, while the merchant collects full payment immediately.

Affirm’s user-friendly interface, high applicant-approval rate and exceptional customer service have caught the market’s attention, attracting $450 million in venture funding and being honored in Fast Company’s 2017 Innovation by Design Awards. For many online businesses, integrating Affirm has translated into a significant measurable impact. According to Affirm’s website, partner retailers have experienced up to a 20 percent increase in conversion rate and 87 percent increase in average order value (AOV) due to Affirm’s strong brand loyalty amongst consumers – with a Net Promoter Score (NPS) of 83.

“We’ve noticed that a lot of shoppers get caught in cycles of credit card debt, with late fees and compounding interest piling up. Affirm plays an important role in enabling small businesses to offer clear, affordable financing options online,” said Shopping Cart Elite CEO Igor Soshkin. “This new payment partnership will help our merchants to convert more leads with zero risk of chargeback fraud.”

This chargeback protection is a result of Affirm’s simple process: a customer selects Affirm as the payment option, applies for approval and within seconds knows if they’re eligible for a loan. Customers then select their preferred repayment terms (installments every three, six or 12 months). Any interest charged (ranging from zero to 30 percent APR) is shown in a simple dollar amount, so customers never pay a dollar more than they agree to at checkout. For example, a $900 purchase at zero percent APR spread out over three months means a customer would pay $100 per month for three months. Affirm then remits the full amount to the merchant and handles the repayment process completely. This means that for Affirm payments, merchants will not be on the hook for chargebacks in the case that the customer does not pay.

The new Affirm integration is available now for all Shopping Cart Elite merchants to offer as a payment alternative.

About Shopping Cart Elite

Shopping Cart Elite is an enterprise e-commerce platform that provides businesses with various automation tools to run more efficiently. The company prides itself in being a one-stop shop that does not require third-party applications in order to have marketing and SEO tools for business.

Recently, Shopping Cart Elite has developed an advanced e-commerce platform designed specifically for cryptocurrency. This platform has already served as the basis for BCD Bazaar and has been adopted by several merchants, including Marks Jewelers, Mahone's Wallpaper Shop, NewParts and more.

About Affirm

Affirm was founded with a goal to create honest financial products and services that empower consumers and improve lives. Our goal is to revolutionize the banking industry to be more accountable and accessible to consumers. Today, Affirm provides millions of shoppers an alternative to traditional credit cards at the point of sale, giving them the flexibility to buy now and make simple monthly payments for their purchases. Unlike payment options that have compounding interest and unexpected costs, Affirm shows customers up front exactly what they’ll pay each month — with no hidden fees and no surprises. Affirm partners with over 2,000 merchants to give shoppers the option to pay with Affirm at checkout with well-known brands across retail, including home furnishings, travel, personal fitness, electronics, apparel and beauty, and more. Loans are made in partnership with Affirm’s originating bank partner Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC.

Source: Shopping Cart Elite