Wayfair offers more flexible financing

Wayfair is making a bold move to grab more consumer wallet-share, and compete with brick-and-mortar retailers.



Complementing its private label credit card, Wayfar is offering a financing option to consumers purchasing furniture and decor. Through a partnership with financial services company Affirm, Wayfair shoppers now have the flexibility to buy now and make monthly payments for their purchases — a move that extend financing options to a broader range of customers.



Shoppers apply for the program directly on the retailer’s web site. After providing their name, email, birth date, mobile number, and the last four digits of their Social Security number, Affirm conducts a “soft credit check” to verify the shopper’s identity, and delivers a real-time credit decision, according to Wayfair’s website.



As eligible shoppers place their order on the retailer’s website, they can select Affirm at checkout, and choose from three, six or 12-month plans that range between 10% and 30% APR rates. The service also allows shoppers to view their monthly payments up front before making a purchase.



“We are committed to offering our customers the best retail experience in home, and that includes flexible financing options that meet our shoppers’ individual needs and budgets,” said Steve Oblak, general manager, Wayfair. “Now we are able to extend another option to our customers, and make it easier to shop for home furnishings on any budget.”