SAN FRANCISCO--(BUSINESS WIRE)--Affirm, Inc., the company started by PayPal co-founder Max Levchin to give consumers honest financial products, today announced that Giant USA shoppers can now pay for their bicycle purchases over time with Affirm. Giant, the world’s largest bicycle manufacturer, added online shopping capabilities to its website today.
“Giant understands that bike shoppers may not want to pay for large purchases with credit cards, often times due to confusing terms, compounding interest and unexpected fees,” said Levchin, Affirm CEO and founder, and avid bike rider. “Many people — especially millennials — either don’t own or don’t want to use credit cards, but they do want a transparent way to pay over time when they don’t have the cash on hand to buy what they want or need. We’re glad to make Giant bikes more accessible to more people.”
Starting today, shoppers can order a Giant or Liv bike online to pick up and have it shipped to the Giant retailer of their choice for pick up if the retailer doesn’t already have it in stock. The added capability and infrastructure are a win for all involved, as customers can now buy directly from Giant online, retailers will earn up to full margin on the customer’s purchase, and Giant can deliver better convenience and efficiency to both customers and retailers.
The Giant team chose to integrate Affirm simultaneously with the launch of its new website shopping capabilities in order to offer shoppers a friendly financing option.
“Today is a big day for the Giant family, our retailers and riders, as we take our customer experience and satisfaction to the next level with these new additions to our website,” said Giant USA General Manager John “JT” Thompson. “It’s common for our customers to spend thousands of dollars on a new Giant bike and gear, and providing Affirm’s great, transparent financing options is key to ensuring a successful launch into e-commerce. We expect Affirm will convert some aspirational window shoppers, by making bikes and gear more attainable with monthly payment options.”
Through smarter underwriting that quickly and more accurately assesses credit risk, Affirm makes financing available to people who can responsibly repay, including to those who may not be able to get credit — such as the younger, millennial population — due to antiquated FICO scoring models. Affirm offers simple-interest loans with transparent, predictable terms.
Giant, the world leader in bicycle technology and craftsmanship has been devoted to cycling culture and sport since 1972. Today, Giant combines innovative technology and manufacturing expertise to create products that are perfectly suited to every type of rider. Committed to inspiring adventure in all cyclists, from casual to competitive, Giant aims to promote the cycling lifestyle all around the world.
Affirm offers services that empower consumers to advance their financial well-being. Our goal is to revolutionize the banking industry to be more accountable and accessible to consumers. Today, Affirm shoppers get the flexibility to buy now and make simple monthly payments for their purchases. Unlike payment options that have compounding interest and unexpected costs, Affirm shows customers upfront exactly what they’ll owe — with no hidden fees and no surprises. Affirm also reaches a broader population of consumers through advanced technology and analytics that look beyond traditional FICO scores. These features increase customer satisfaction over other options.