Provide your customers with flexible payment options to remove financial hesitation and make it easy for them to say yes to bigger jobs and essential repairs. Shopmonkey has partnered with two industry leaders, Sunbit and Affirm, so that your shop can reach a wider range of customers and help more of them get approved for flexible payments.
How Sunbit and Affirm Compare
| Feature | Sunbit* | Affirm |
|---|---|---|
| Availability | U.S. Only | U.S. and Canada |
| Min. purchase | $60 | $50 (for 4 monthly interest-free payments) |
| Max approval | $20,000 | $30,000 (US) / $25,000 (CAN) |
| Approval rate | ~90% (great for customers with fair-to-average credit) | Leverages 13+ years of machine learning experience to approve at the transaction level |
| Terms offered | 3 monthly interest-free payments for all approved customers for up to 18 months | 4 bi-weekly interest-free payments for transactions $50-$250, or monthly installment payments for up to 60 months |
| Merchant fee | 6% flat merchant fee | 6% flat merchant fee |
| Dispute Window | 120 Days | Open-ended |
| Activation | Auto-enabled (can opt out if desired) | Auto-enabled (can opt out if desired) |
*Loans are made by Transportation Alliance Bank Inc. dba TAB Bank, which determines qualifications for and terms of credit.
💡 Understanding the Merchant Fee: Both providers charge a 6% flat merchant fee. This small cost helps you:
- Get paid in full immediately
- Avoid collections risk
- Close bigger, higher-ticket sales (on average, Shopmonkey customers using flexible payments are seeing a 2X increase per repair order)
To learn more about Sunbit or Affirm, check out our help articles.
Comments
0 comments
Article is closed for comments.