Shoppers today expect more flexible ways to pay at checkout. Nearly 56% of Americans use buy now, pay later services, and more than half of non-users plan to do so within the next year.1 Since Shopify launched its native buy now, pay later solution in June 2021, Shop Pay Installments has quickly become the #1 installment provider for US merchants.Today, Shop Pay Installments is adding new monthly installment options for all US merchants, giving buyers the flexibility to pay in 4 interest-free biweekly payments or in monthly installments up to 12 months on orders between $50 and $17,500.
Our upgraded buy now, pay later solution is more powerful and flexible than ever before. Customers have greater flexibility at checkout, while merchants can drive more sales and still get paid in full upfront.
Shop Pay Installments helps shoppers increase their buying power by making big-ticket purchases more affordable through payment plans that best fit their budget. Merchants benefit from higher conversions, lower cart abandonment, more repeat purchases, and new customer acquisition. Shop Pay Installments is the best buy now pay, later solution for Shopify merchants. And we have the numbers to prove it.
More flexibility, more sales
Merchants offering buy now, pay later with Shop Pay Installments increased their average order value (AOV) by up to 50% and had a higher AOV than most providers2:
Higher average order value
Offering Shop Pay installments is a no-brainer. The customer experience is so smooth. Not turning it on would be a disservice to myself and my customer! We offer another buy now, pay later provider, but Shop Pay Installments is getting 90% of the action.
A fast, seamless checkout experienceShop Pay Installments is the only buy now, pay later solution fully integrated into Shopify—with no redirects and no overselling. Additionally, merchants benefit from one-tap checkout with Shop Pay, which increases checkout speed by 4x and provides access to a network of over 100MM shoppers. Shop app users can track orders and installment plans easily in Shop, making them more valuable customers, as they spend 17% more than non-users.
Shopify’s seamless checkout experience reduces cart abandonment by up to 28%, increases repeat purchases among first-time buyers by up to 23%, and allows you to convert more sales, faster.
When Shopify says something is integrated, it’s deeply integrated. Shopify’s checkout is the best on the internet.
Get more from Shop Pay InstallmentsOver 75% of shoppers choose to buy now, pay later before they checkout.3 Here are some ways to let your customers know about Shop Pay Installments early in their shopping journey:
Add an installments banner
Boost your installments order volume by up to 55% by adding a product page banner or in-cart banner. Need help? We partnered with HeyCarson, a Shopify Expert agency, to help merchants update their theme—for free.
Send an announcement email
Once you start offering Shop Pay Installments, tell your customers they can buy now and pay later using our pre-built email template. You can also use this template to inform your customers about the new monthly options available at checkout.
Promote Shop Pay Installments
To promote Shop Pay Installments and make the most of its benefits, we've developed a marketing toolkit that includes messaging guidelines, best practices, and examples.
Shop Pay Installments enables you to seamlessly offer shoppers even more choice and flexibility at checkout while increasing sales. Using Shopify’s new, improved solution, you can dynamically provide a wider range of payment options, such as four interest-free biweekly payments, monthly payments, or both. Get more customers to say yes with Shop Pay Installments and maximize conversions.
Already have Shop Pay Installments? Learn more about the upgrade.
Payment options through Shop Pay Installments are subject to eligibility and provided by Affirm’s lending partners: affirm.com/lenders. Rates from 0% APR or 10-30% APR.
1 Study: Buy Now, Pay Later Services Continue Explosive Growth
2 Results from Shopify stores that use Shop Pay Installments and a 3rd party installments provider side by side.
3 McKinsey: US lending at point of sale: The next frontier of growth