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Affirm Holdings Inc. has extended its reach into the vacation-property rental market through a partnership with Evolve Vacation Rental. Consumers renting vacation properties through Evolve can use Affirm as a payment option for bookings exceeding $500. Consumers pay in monthly installments and as little as 0% interest.
Evolve says it provides access to more than 30,000 vacation properties in 750 markets throughout the United States and has hosted more than 10 million guests.
The deal builds on Affirm’s previous partnership with vacation-property rental-management company Vrbo, a subsidiary of fare aggregator and travel-search engine provider Expedia Group Inc.
“We look forward to the positive impact this partnership will have on Evolve bookings and the opportunity it will create for people to travel and make memories during these uncertain economic times,” Eric Schueller, executive vice president of revenue for Evolve, says in a statement.
Research by Affirm revealed that more than 90% of U.S. consumers plan to travel in 2024. “The fact that costs remain elevated means it is crucial travelers have access to flexible and transparent payment options,” Pat Suh, senior vice president for Affirm, says in a statement. “By partnering with Evolve, we are able to allow more travelers to book trips without concern for late fees or compound interest.”
In related news, ePay Policy, a provider of digital-payment solutions for insurance carriers, has launched Finance Connect, a buy now, pay later option. The addition of Finance Connect expands the range of ePay Policy’s financing options insurance agencies and brokers can offer policyholders when paying online. Most carriers require upfront payment of the premium, especially with more expensive policies, ePay Policy says.
Premium financing is a payment option commonly used by insurance agencies and brokers to help consumers manage costs by spreading payments out over a designated period.
Data from RBC Capital Markets estimates BNPL loans increase retail conversion rates 20% to 30%, and lift the average ticket size between 30% and 50%.
“The financing offer and terms are presented right at the time of payment,” ePay Policy chief technology officer, Nish Modi, says in a statement. “We’ll then leverage our existing integrations to streamline recurring payments and payment reminders. Finance Connect is going to help insureds pay faster and bind policies sooner.”
