Affirm to Power Pay-Over-Time Options for ServiceTitan and Vagaro
Affirm has announced partnerships in which it will power pay-over-time options for two software platforms for service providers: ServiceTitan, which serves commercial and residential trades, and Vagaro, which serves beauty, wellness and fitness businesses.
The integration of Affirm with ServiceTitan’s digital payments solution will enable contractors to offer their clients a way to split home repair bills into biweekly or monthly payments, the companies said in a Tuesday (Sept. 16) press release.
Rahul Hampole, vice president and general manager, FinTech, at ServiceTitan, said in the release that this collaboration will offer a “flexible, responsible” payment option to homeowners, who spend an average of $8,800 per year on home improvement.
For contractors, this option helps “reduce friction, win more jobs and improve customer satisfaction,” Wayne Pommen, chief revenue officer at Affirm, said in the release.
Affirm’s partnership with Vagaro will enable salons, spas, fitness studios and wellness providers to offer pay-over-time options during online and in-store checkout, the companies said in a second Tuesday press release.
Vagaro CEO Fred Helou said in the release that this option will help the businesses using the platform to grow and better serve their customers.
Pat Suh, senior vice president of revenue at Affirm, said it will also offer consumers “more choice and control at checkout.”
Affirm reported in August that the services category grew 39% in the June quarter and now accounts for 3% of the company’s overall mix.
“On the demand for our service, you see the acceleration in [gross merchandise volume (GMV)] and the new record in that sense,” Affirm CEO Max Levchin said during the company’s Aug. 28 earnings call. “It is also a reflection of the fact that folks are using Affirm for more and more things.”
In the PYMNTS Intelligence eBook “The Future of the Pay-Later Economy,” Levchin said that buy now, pay later (BNPL) is evolving into a trusted, ubiquitous service and that consumers value its predictability and sense of control over repayment.
“Our appeal is not that it’s some cool way of borrowing money,” Levchin said. “It’s the sense of control around the schedule and the plan that you create.”
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