Today, Amazon partnered with financial company Affirm to offer more manageable, bite-sized payments for business owners making large purchases.
Amazon Business is for owners looking to digitize and automate their operations through management controls and analytic tools similar to the regular retail platform available to consumers. By opting to pay with Affirm, businesses can “buy now, pay later” with smaller monthly payments without late fees or hidden charges.
Pay with Affirm is available now to eligible at checkout to select sole proprietor business owners and will expand to all Amazon Business accounts by Black Friday.
“We’re constantly striving to make Amazon Business the best place for small businesses to fulfill their buying needs,” said Todd Heimes, director of Amazon Business Worldwide. “Integrating Affirm as a payment option helps us do just that, while providing more flexibility and convenience to our customers. The technology, ease of integration, and ability to support a broad range of transactions – especially as Affirm is already used by millions of Amazon customers today – makes this a natural extension of our larger partnership.”
The partnership marks the beginning of Affirm’s commitment to providing sole proprietor businesses with pay-over-time options to ease some of the immediate financial burdens of running a small business. Amazon already offers Affirm’s delayed payment plans to typical customers, but this is the companies’ first venture into providing the service to business owners.
“According to the IRS, more than 28 million sole proprietorships do business in the United States. By offering these business owners a transparent and flexible way to pay over time for the items they need, we can help them increase their purchasing power, better manage their cash flow, and accelerate their growth,” said Wayne Pommen, chief revenue officer at Affirm. “We’re incredibly proud to be bringing this buy now, pay later payment option to the millions of sole proprietors shopping on Amazon Business.”
Qualifying businesses can select Affirm’s buy now, pay later option at checkout. After entering the registered business name and address, owners will receive a decision immediately, which, if approved, offers customized payment options ranging from three to 48 months. Full payment details are provided upfront so owners know the price after interest on their purchases of eligible products on purchases of $100 or more. Interest rates range from 10-36% depending on the total cost of a purchase and the number of months you select to pay it back.