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Nabil Islam
Jul 31, 2022
In Welcome to the Forum
So, what is this new trend? As the name suggests, the BNPL app enables consumers to purchase products and then pay for them in installments (often over a period of weeks or months). In other words, consumers take on short-term debt to meet their immediate purchase wishes/needs. This payment model has been popular in furniture stores and the auto industry for some time. This is a great example of how in the everyday world the need to buy something is too high a financial burden to pay directly. However, with the BNPL option, installment payments are becoming more mainstream. Affirm and Sezzle are two such BNPL applications that enable consumers to get what they need. So, in this Affirm vs Sezzle review, we put each application under the microscope to help you better understand which (if any) is the better option for your business. Let's get right to it! About UsSezzle Sezzle is a Minneapolis-based fintech company founded in 2016. It was founded on a mission to empower changemakers. As such, their e-commerce suppliers include Black-owned businesses, ethical and sustainable brands, and small businesses. They even support handmade goods to help smaller creators. But unfortunately, it doesn't seem to match Affirm's popularity. In fact, a study shows that 28% of BNPL users choose Affirm compared to only 8% of Sezzle. Nonetheless, it's worth noting that Sezzle offers a very similar service, partnering with many popular online providers and offering some Great deal. Sezzle vs Affirm About UsAffirm Affirm has been around for a while. Since their founding in 2012, they have facilitated more than 170,000 purchases and aim to provide honest financial services that improve lives by empowering consumers more financially. divi double. Its main idea is to provide shoppers with a transparent payment plan and interest so that conscientious buyers never have to live with nasty unexpected costs. Sezzle vs Affirm Sezzle vs Affirm: The Shopping Experience Now that we've covered the basics, let's take a look at the Sezzle and Affirm's shopping experience . First, Affirm: Affirm with shopping To sign up, simply download the app from the Google or Apple store and enter your details, including your phone number, email and social security number. Then you can start shopping . Users will find Affirm listed as a payment option during email list checkout at eligible suppliers (e.g. Adidas, Target, Samsung, Walmart, etc.)… Alternatively, you can apply for a virtual card. To do this, you need to meet Affirm's eligibility requirements. This eligibility check will not affect your credit score. An Affirm virtual card is similar to a credit card where you can get a loan directly from Affirm to pay for your purchases. This will come in handy if you wish to "buy now, pay later" with a company that doesn't partner with Affirm. In practice, this means you can use your Affirm virtual card at any checkout. To qualify for this card, you need to live in the United States, be at least 18 years old, and have a Social Security Number. You will also need to create an Affirm account. On Affirm's website, you can browse the shopping categories to find the brands that accept Affirm Gold. Categories include: Accessories apparel car Beauty and Health electronic Fitness and Gear Home and Furniture shoe travel goods wedding Luxury Sezzle vs Affirm Sezzle Sezzle has a similar listing on their website when it comes to shopping categories, although they have a wider range of products. For example, they include: electronic Do you accept pets arts and crafts toys and games travel and entertainment food & drink wholesale artist merchandise babies and kids Sports and Outdoors men's and women's fashion ...the list goes on. On Sezzle's website, you can also easily buy deals through their partnerships, filter those deals by country (US or Canada) and category. Sezzle is available worldwide in the UK, Hong Kong, India, Germany and several other countries. Offers include free shipping, cash back or discounts. Working with around 44,000 brands, Sezzle gives you no shortage of options! When it comes to the shopping process, Sezzle works like Affirm. You can choose to use Sezzle as your preferred online payment option at any eligible checkout. You can also use the Sezzle virtual payment card. This Sezzle virtual card works much the same way as a credit card. Here, Sezzle takes the amount owed as a loan. You pay a quarter of the order price up front, and Sezzle pays the rest of the amount you pay later. Unlike Affirm, Sezzle, you have to pay 25% of the purchase amount up front. The rest of the payments will be made in six weeks, along with three additional payments. Sezzle vs Affirm Sezzle vs Affirm: Payment Methods Next, let's examine the details of how payments work with both Affirm and Sezzle. So, again, first, Affirm: Affirm Shopping with the BNPL app is simple, and Affirm proves the concept right. With the app, you can shop virtually anywhere (online and in-store) with merchants that accept Google Pay, and Apple Pay , with several payment options: The first is Affirm Pay 4. Here, you can choose to make four interest-free payments every two weeks. There are no fees involved and the loan will not affect your credit score. Additionally, you can easily set up automatic payments (called automatic payments). With this option, your installment payment will be automatically debited from your account on the due date. There is also a "Monthly Payment" option. This works much the same way, except instead of paying in four instalments, you pay monthly until the bulky item is paid off. You can choose how much to repay each month. However, this model does generate interest. Interest is added up front, so it's part of your payment. Depending on your credit rating, your interest rate may be between 10-30% APR and subject to eligibility checks. It's worth mentioning that while Affirm only runs a soft credit check (it doesn't affect your credit score), they say they will report to the credit bureaus if your loan interest goes above 0%. There are no account fees, hidden fees or prepayment fees other than the interest you must review and agree to at the time of purchase. Not to mention, there are no fees for missed payments! The last payment method Affirm is their credit card. However, this is still under development and there is a waiting list to sign up. With the Affirm credit card, you can use it as a regular card, but with an installment plan, so you can split any purchase into monthly payments or four installments
Sezzle vs Affirm (Oct 2022): Which BNPL App is the Best?
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Nabil Islam

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