All You Need to Know About Financing
How it works
- Add items to your cart (or shopping bag).
- Check out with Shop Pay.
- Choose the option to pay in installments.
Which payment methods are accepted if I use the option to pay in installments on Shop Pay?
For non-interest bearing orders, debit and credit cards are accepted through Shop Pay. For interest bearing orders, you can only pay using a debit card.
Can I use Shop Pay Installments if I'm an international customer?
Shop Pay Installments is only available to customers with a United States billing address and a United States mobile phone number. Customers with international billing addresses or phone numbers can't use Shop Pay Installments.
Is there a limit to how much I can spend on a single Shop Pay Installments order?
Yes, 17,500 USD is the order value limit that applies to purchases using Shop Pay Installments, including discounts, shipping, and taxes.
Can I pay in-store with Shop Pay Installments?
Yes, we offer Shop Pay Installments at our retail locations. Come visit us in store to learn more.
Can I pre-qualify for a purchase amount before visiting the store?
No. An application for Shop Pay Installments can only begin with a live checkout. Applying in store only takes a few steps and you’ll get a real-time decision in minutes.
Can I buy gift cards with Shop Pay Installments?
You can't purchase gift cards using Shop Pay Installments. If you want to purchase gift cards along with Shop Pay Installments eligible products, then you need to place two separate orders.
Are there late fees?
No, there are no late fees if you miss a scheduled payment.
What if I miss an installment payment?
There are no late fees for customers who miss a scheduled payment. However, partial payments or late payments might impact your credit score, or your eligibility to use Shop Pay Installments in the future. If you have questions about a missed installment payment, then you can contact Affirm support for assistance.
What if I make a return on a purchase made through installments with Shop Pay?
To request a refund, contact the store where you purchased your item. Using their return policy, the store will advise if a return is possible. If a return is possible, then the store will advise how much the refunded amount will be. After your refund is processed, the refund amount will be applied to your original payment method within 3-10 business days and your balance will be updated.
If your refund is less than your total purchase balance, then it might not lower your next payment. Instead, you can expect fewer payments, a smaller final payment, or both.
If your refund is more than your purchase balance, then the difference is returned to your original payment method within 3-10 business days.
If your order is made with interest payments, then the paid interest isn't refunded. When you make payments, the funds are first applied to the accrued unpaid interest and then to the principal. Interest is the cost of borrowing, and isn't refundable.
Have more questions?
For questions about installment payments on Shop Pay, visit https://shoppay.affirm.com/.
Finance refers to the procurement, management, and utilization of funds. The term 'financing' refers to the process of providing funds for business activities or making purchases. This article delves into the nuances of financing, covering its various types, advantages, and nuances.
Financing can be divided into various kinds including debt financing, equity financing, asset-based financing, and personal financing. Each type of financing has its unique set of benefits and considerations. For instance, debt financing refers to borrowing money from an external source with the commitment to repay the principal along with an agreed-upon interest. Equity financing involves the sale of a portion of the business to investors in exchange for capital.
Personal financing refers to individuals managing their financial resources. It encapsulates various aspects like budgeting, savings, investments, and more. Knowing about financing can help individuals in making shrewd financial decisions, thereby enhancing their financial security and stability.
In the corporate world, finance plays a key role in fueling growth and expansion. With the apt knowledge of different financing options, business owners can choose the most suitable one that aligns with their business objectives and budget constraints.
Lastly, asset-based financing refers to businesses using their company assets to secure loans. The assets could include accounts receivables, inventory, and others. This type of financing works highly for businesses with significant assets but poor credit history.
To conclude, having a good knowledge of financing can assist in making sound financial decisions, be it in personal life or running a business. Stay tuned with us for more exciting information and insights.