For most consumers, having a credit card is a necessity, but not millennials. Many millennials do not have or even want one; 63% of millennials do not own a credit card. This could be a problem when they want to make a large purchase. Luckily for merchants and millennials, alternative payments can be a solution to this problem. Alternative payments give millennials multiple options on how they are able to make purchases. An attractive alternative payment for millennials is Affirm, which offers simple, instant financing at checkout with the flexibility of monthly payments. They offer transparent pricing with no late fees or compounding interest. If you are trying to attract more millennials and create more sales, consider offering alternative payment options like Affirm at your checkout.
Offering Affirm as a payment option has multiple benefits:
- Affirm assumes 100% of the risk so there is no credit, fraud, or chargeback risk to merchants.
- Merchants are able to increase their sales conversions (20 – 25% on average) and boost their AOVs (up to 80%).
- Affirm settles directly with the merchant within one to three business days.
With your One Connection™ to Cardinal, you can offer your consumers Affirm and dozens of other alternative payments to help FutureProof™ your business.