Shop Pay Installments [Now Available For Shopify Merchants]

Buying an item and making the payment in periodic payments is called installment purchase. Especially for higher priced items – computers, TVs, cell-phones, paying in installments gives the purchaser a complete control over his/her finances. If you are a Shopify merchant, you will be happy to hear that Shop Pay, Affirm and Shopify has partnered to provide Shop Pay Installments feature to Shopify merchants and shoppers.

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What Are The Advantages of Paying In Installments?

We may not always have cash upfront to purchase an item we are craving for. Besides, we may not always want to postpone our needs. In those instances, installment purchase comes up as a handy solution. If we are comfortable with paying a consistent amount of money in periodic installments, then signing up for installments makes great sense.

Do The Shoppers of Shopify Stores Need Installments?

The chance to split payments is an ability that would be interesting for many of the online shoppers; Shopify users being no exception. Besides, there are no commissions or transaction fees for the customers, making Shop Pay Installments even more attractive for the end-users.

Are Shop Pay Installments Available for Every Price Range?

No. Shopify merchants are able to use Shop Pay Installments only for orders between 50 USD and 1,000 USD.

How Does Shop Pay Installments Shopify Work?

Eligible Shopify merchants can access Shop Pay Installments in the Shopify Payments settings on their store’s Payments page.

When a Shopify merchant actives Shop Pay Installments, this feature becomes available on all products between 50 USD and 1,000 USD. There is no option to choose which products are to purchased with installments.

Is MyShopify Store Eligible For Shop Pay Installments?

Only Shopify merchants based in the US, selling in USD and have both Shopify Payments and Shop Pay enabled are eligible to use Shop Pay Installments. Affirm is the financial entity behind Shop Pay. So, after a merchant activates Shop Pay Installments, Affirm periodically reviews the Shopify store to make sure that the webstore is in compliance with their prohibited business policy.

How Much Is Shop Pay Installments Fee?

The installments are interest free. Besides, Shop Pay is not charging any additional interest rates or passing on any late fees to the customers.

What Stores Use Shop Pay Installments?

Shopify stores started to use Shop Pay installments and several other Shop Now, Pay Later type of installments providers. Let’s list a few stores that use Shop Pay installments.

Are There Any Other Payment Providers Supporting “Shop Now, Pay Later” Kind of Payments?

Yes, this payment method has gained pace with the help of several payment providers in eCommerce. Let’s name a few, here;

How To Add Afterpay To Shopify?

Being a popular payment provider, most Shopify merchants are willing to use Afterpay however this payment solution is not available in many countries. If your Shopify store is located in the US, Australia, New Zealand, Canada or the UK, you may use Afterpay with Shopify. In Shopify’s Admin under Settings/Payment Providers, you can find AfterPay’s setup option.

Shop Pay Installments: The Conclusion

Shopify’s introduction of Shop Pay Installments is a good sign for the Shop Now, Pay Later providers. We may comment that installment purchase is not a trend but it is a feature that is likely to become an integral part of eCommerce industry. If you are Shopify merchant eligible for Shop Pay Installments, you may want to give it a try!

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