Newegg is entering the buy now, pay later (BNPL) space.
Newegg Commerce Inc. is making some purchases on its e-commerce site eligible for buy now, pay later (BNPL) installment payments.
The tech-focused e-tailer is partnering with financial products and services company Affirmto bring flexible, pay-over-time options to customers shopping on its website. Paying with Affirm allows customers the flexibility to split qualified purchases into installment payments over time, with no hidden or late fees.
Newegg is now providing customers processing orders $100 and above the option to pay over time with Affirm. Selecting this payment method enables Newegg shoppers to split purchases into monthly payments. Affirm charges simple interest that never compounds. Customers never pay more than the amount they agree to up front, with no hidden or late fees even if they miss a payment.
Alternative payment methods are nothing new for Newegg. In 2014, the online consumer electronics retailer became the first major retailer to accept bitcoin payments. Leveraging the BitPay platform, Newegg can accept bitcoin payments and also handle refunds and payment exceptions. When completing an order on Newegg.com, customers can select “bitcoin” from the list of available payment methods during stage two of the order process.
Subsequently, Newegg was among the first retailers to accept the Dogecoin cryptocurrency for payment in early 2021. And in July 2021, Newegg built on its early adopter status in the cryptocurrency realm by accepting Litecoin. As result. customers shopping on Newegg.com have the option of paying with Litecoin using the BitPay Wallet app. While similar in technical nature to bitcoin, Litecoin offers faster transaction confirmation times – 2.5 minutes on average compared to bitcoin’s average of 10 minutes.
When completing an order on Newegg.com, customers who want to pay with Litecoin click “edit” in the payment section on the checkout page, then select BitPay. Customers can then complete their transactions using Litecoin held in their digital wallet.
“Consumers are demanding flexible payment options this holiday season and beyond,” said Silvija Martincevic, chief commercial officer of Affirm. “According to Affirm’s Consumer Spend Report, more than half of Americans are interested in using a pay-over-time solution for their holiday shopping this year. By teaming up with Newegg, we are delivering flexibility, control and transparency at checkout to give consumers the confidence to purchase their favorite electronics.”
“We’re committed to giving our customers payment flexibility, whether that means offering the latest cryptocurrencies as a payment option, or giving them the ability to finance larger purchases over time,” said Anthony Chow, CEO of Newegg. “Our collaboration with Affirm delivers on that commitment, giving our customers what we believe is one of the best pay-over-time options currently available.”
Headquartered in City of Industry, Calif., Newegg was founded in 2001 and serves a global customer base throughout North America, Europe, Asia Pacific, Latin America and the Middle East. The company offers direct sales and an online marketplace platform for PC and IT hardware, consumer electronics, automotive, gaming products and finished goods.