How to Accept Affirm Payments: Clear Guide for Businesses

Panna Kemenes

Accepting Affirm payments can offer flexibility to your customers. Affirm allows customers to buy now and pay later. This can increase their purchasing power and help you close more sales.

This step-by-step guide will show you how to start accepting Affirm payments. It'll cover everything from checking your eligibility to setting up your eCommerce integration.

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How to Accept Affirm Payments: Step by Step

Let’s now look at how to accept Affirm payments, step by step.

Check Eligibility

Before getting started, it’s important to check if your business is eligible.

Affirm has specific criteria that all businesses must meet. To find out if your business qualifies, you’ll need to fill out an online eligibility form on Affirm’s website. This form will ask for basic information about your business. This can include the type of products you offer, annual revenue and your business’s location.

If your business meets Affirm’s requirements, you can move on to the next step. If not, you may need to explore other payment options that better suit your business. You’ll hear back from Affirm after 3 to 5 business days.¹

Create an Account

The next step is to create an Affirm account. You can do this through Affirm's Merchant Portal. Here you’ll manage all aspects of your Affirm integration.²

You’ll need to provide some details about your business. This includes your business name, address and contact information. Affirm will also ask for your tax identification number and banking information. This enables them to process payments.

You can then select your custom pricing package. Once you’ve provided all the necessary information, Affirm will review your application. If everything looks good, your account will be approved and you can proceed to the next step.

Access Your Affirm Merchant Portal

After your account is approved, you’ll gain access to the Affirm Merchant Portal. This is your control center for managing Affirm payments. From here, you can:

  • View your transactions
  • Check your payment history
  • Access support

Spend some time familiarizing yourself with the portal. Getting to know its features will help you manage your payments more effectively.

Provide Information About Your Business

Once you’re in the Merchant Portal, you’ll need to:

  • Set up your business profile
  • Add products or services
  • Configure your payment options

Make sure all your information is accurate and up to date. This will help Affirm process payments smoothly. If you need to make changes later, you can do so through the portal.

Set up Your Ecommerce Integration

The last step is to integrate Affirm with your business’s eCommerce platform. This process will vary depending on the platform you use. Affirm provides detailed guides and support to help you get set up.

To start, log in to your eCommerce platform and find the option to add a new payment method. Select Affirm and follow the instructions to complete the integration. You may need to enter your Affirm account details. You can also configure settings to match your preferences.

Once the integration is complete, Affirm will be integrated into your checkout process. Your customers won’t have to leave your website to use Affirm. Instead, they can select it as a payment option at checkout.

How Does Affirm Work for Customers?

Affirm makes it easy for customers to buy now and pay later.

When your customers want to pay, they’ll need to select Affirm as their payment option at checkout. They’ll then be prompted to provide certain details or to log in if they already have an account.

Affirm does a quick check to see if the customer is eligible for financing. This involves a soft credit pull and usually takes a few seconds.³

They’ll then have a choice of payment plans. They can choose to pay over 6 weeks or 36 months, depending on what works best for them.²

Once approved, customers will make payments according to the plan they chose. Affirm handles the payment process and you receive the full amount of the sale upfront.

Benefits of Accepting Affirm Payments

There are several benefits to accepting Affirm payments for both you and your customers. Affirm payments can make life easier for your customers by providing flexible payment options. This can help you drive more sales and establish long-term relationships with your customers, thus improving your cash flow.

When customers can spread their payments over time, they may be more likely to make larger purchases. This helps to remove price as a barrier by giving your customers flexible financing options. This can be especially beneficial for businesses selling expensive products, such as furniture.

Affirm provides a smooth and easy payment experience. Providing this convenience can set your business apart from competitors.

As the merchant, you get paid in full at the time of the sale, even though customers pay over time. That means Affirm takes on the risk of collecting payments, rather than your business. This also means you don’t have to worry about waiting for installments to come in. This allows you to focus on running and growing your business.

Which Businesses are Eligible to Accept Affirm Payments?

Not all businesses are eligible to accept Affirm payments.

Generally, your business should be based in the United States. You’ll need to have a US bank account and sell directly to US or Canadian consumers.¹

Affirm tends to work with businesses that offer products or services that are at least $50 or more. That's because smaller purchases may not qualify for financing.³

Which Businesses Cannot Accept Affirm Payments?

Businesses that sell certain types of products or services may not be eligible to use Affirm.

For example, businesses involved in the sale of firearms, alcohol or adult content aren’t typically allowed to use Affirm. Additionally, businesses that operate in high-risk industries may not qualify.⁴

Receive Ecommerce Payments with Wise Business

Affirm is a great option for offering buy now, pay later services. But you'll need a business account to receive the payments. It’s also important to be able to receive payments from international customers. Wise Business can be an excellent choice for this.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in 40+ currencies. You can get major currency account details for a one-off fee to receive overseas payments like a local. You can also send money to 160+ countries.

Open a Wise Business account online

With Wise Business, you can receive payments from customers in different countries without worrying about unexpected fees.

You’ll have your funds exchanged at the mid-market rate, the same one you’ll find on Google. You can also take advantage of 8+ local account details, allowing you to pay and get paid like a local, for a one-time fee.

Read the guide on how to open a Wise Business account

Sources:

¹ Getting started with Affirm: Frequently asked questions before starting
² Getting Started With Affirm: Signing Up and Account Creation
³ How Does Affirm Work for Merchants? | What You Need to Know
businesshub.affirm

All sources checked August 2024.


*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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