Amazon Business Adds Affirm as First Buy Now, Pay Later Option at B2B Checkout #

Amazon Business has added Affirm as its first buy now, pay later option at checkout, extending the two companies’ existing consumer partnership into business-to-business purchasing.

The companies announced the arrangement on November 2. An initial rollout to eligible sole proprietor businesses began immediately, with availability expected to reach all eligible Amazon Business sole proprietor customers by Black Friday. Amazon Business is Amazon’s B2B procurement platform, serving companies of all sizes.

Eligible business customers can split qualifying purchases into equal monthly installments ranging from three to 48 months, with no late or hidden fees. At checkout, buyers select Affirm, provide their registered business name and address, and receive an instant credit decision. The companies offered an example: a $200 purchase at a 15% APR would produce six monthly payments of approximately $34.81.

“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, in a joint press release. “Integrating Affirm as a payment option helps us do just that, while providing more flexibility and convenience to our customers.”

The two companies first partnered in August 2021, when Affirm was integrated into Amazon’s retail platform in the United States. That relationship expanded to Amazon Canada in 2022 and to Amazon Pay earlier in 2023.

Affirm said it began the rollout with sole proprietors because of the segment’s size: an estimated 28 million sole proprietors are registered in the United States, representing the majority of small businesses in the country. The company said it would assess performance before considering whether to extend eligibility to other business structures.

Affirm shares rose roughly 19% in Thursday trading following the announcement.

Source: Business Wire