Amazon Business and Affirm are teaming up to provide buy now, pay later (BNPL) services.
On November 2, Amazon Business began making Affirm available to qualified sole proprietor enterprises. The feature will be available at checkout to all eligible Amazon Business proprietor customers by Black Friday.
When Amazon Businesses select Affirm at checkout, they will enter some basic information and receive an instant credit decision. From there, those approved can selected from pay-over-time installments of three to 48 months. For example, a $200 purchase at 15% APR would cost a customer $34.81 for six months, totaling $208.84.
With traditional finance sources drying up, small- to medium-sized businesses (SMBs) are looking for new funding sources, which is why the company is expanding its cooperation with Amazon.
“SMBs might be motivated by a sense of urgency, given that merely 26% possess the capacity to generate at least 60 days’ worth of income, and 17% lack immediate access to emergency funding,” PYMNTS stated in a previous article.
Todd Heimes, director of Amazon Business Worldwide, stated, “We’re constantly striving to make Amazon Business the best place for small businesses to fulfill their buying needs. We can accomplish that while giving our clients greater choice and convenience thanks to the integration of Affirm as a payment option. This is a logical extension of our broader cooperation because of the technology, simplicity of integration, and capacity to handle a wide range of transactions—especially considering that millions of Amazon customers currently use Affirm.”
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