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First Data offering more ways to pay


E-commerce and payment solutions provider First Data is in a new partnership with a financial services company led by a PayPal co-founder that is said to increase average order values by as much at 80%, and conversion rates by more than 20%.

Max Levchin, the PayPal co-founder and founder of new financial services company Affirm announced the new deal with First Data at the Money 20/20 tradeshow in Las Vegas. Under the partnership, Affirm's installment payments will be an integrated option on First Data’s Clover line of point-of-sale terminals, alongside credit, debit, and mobile payment methods.

“Our new telesales and in-store payment products help strengthen Affirm’s omnichannel presence,” said Levchin. “Installments are much more than just a way to defer payment temporarily. We now have sufficient data that shows they help merchants boost sales and help consumers, who may not have credit cards or choose not to use them, pay for their online and in-store purchases in a way that best matches their monthly budgets.”

Affirm lets consumers buy the things they want and pay for them in fixed, monthly installments, instead of using credit cards with tricky interest rates and hidden fees. Unlike most lenders that base loan decisions on a consumer’s credit score and income alone, Affirm takes a more sophisticated approach, using data science in credit-scoring algorithms that combine credit history and other relevant factors to assess creditworthiness.

In August, Affirm also began offering loans for intensive, accelerated bootcamp learning programs that teach beginners skills in software and web development, data science, digital marketing, and user experience and interface design.

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