Walmart, the world’s largest company by revenue, provides a payment plan in the form of Buy Now, Pay Later to ensure that no customer is left behind. Customers, irrespective of financial or other restraints, will now find it very convenient to shop at the globally renowned retail department and grocery store. Let us know ‘Does Walmart Do Payment Plans?’.
This payment plan, known as Buy Now Pay Later or BNPL, was introduced as a collaboration with Affirm in 2019 to allow customers to make payments in installments by using Affirm for both in-store and online purchases. Customers can choose a payment plan from Walmart ranging between 3 to 24 months. Read on to learn more about Walmart’s Buy Now, Pay Later scheme.
What are payment plans?
A payment plan refers to paying off any unpaid debt, or occasionally more than one debt, by consolidating them into an orderly payment plan. Customers pay back a certain amount over a given period until the debt is fully settled.
Payment plans have been introduced into the systems of major retailers in America, including Best Buy, Nike, Target, and Walmart, in order to give better and more equitable service to its customers. Most of these use point-of-sale installment loans as a means of payment.
Walmart’s Payment Plan Scheme
Previously, Walmart offered a ‘Layaway‘ scheme that allowed customers to pay for goods over time. But in 2019, Walmart teamed up with the financial stronghold Affirm, which provides buy now, pay later (point of sale installment loans) to customers to replace its former program. Affirm allows Walmart to offer simple and low-cost monthly payments both online and in-store:
- Customers can buy now and pay later between 3 to 24 months. During the checkout process on Walmart’s website, customers can select Affirm as a payment option and apply for a loan to finance their purchases.
- For in-store purchases, customers can apply at affirm.com/walmart and choose their desired payment schedule, then scan their ‘unique barcode’ at the counter and make payments online with Affirm.
- Finance charges will range from 10 to 30 percent APR depending on credit and eligibility. This rate is determined by the amount of the product ordered, and in some cases, you will need to make a down payment.
How to pay with Affirm?
It is simple to pay for your Walmart purchases with Affirm; the steps are outlined below:
- Go to https://www.affirm.com/shop/walmart to apply for Buy Now Pay Later and pick your preferred payment plan. You can also use the Affirm app that is available on Android and iOS.
- Enter the total amount of your purchase.
- You will be given a unique barcode that you will need to scan at checkout.
- Affirm does not charge you additional costs or fees, such as late fees, payback fees, or other hidden fees.
- Affirm will send you notification reminders for your payments, to keep you from forgetting any payments.
Conclusion
Walmart has made it highly convenient for its customers to purchase at its stores with its new Buy Now Pay Later scheme with Affirm. Customers can choose to pay between 3-24 months depending on the total value of products they buy. You may even be able to pay no interest on some items!
FAQ
What kind of products can be paid for with Affirm?
A range of products is eligible under the Walmart payment scheme. These include TVs, computers, video games, furniture, toys, apparel, jewelry, arts and crafts, musical instruments, kitchen and dining, floor care, and tires.
What kind of products cannot be paid for with Affirm?
Affirm cannot be used to pay for alcohol, groceries, baby consumables, gas, register merchandise, miscellaneous supplies, money services, care products, pet supplies, pharmacy, health and wellness, temporary specialty products, cigarettes, weapons, ammunition, air rifles, gun apparel, and hunting equipment, wireless service plans, and 1-hour photo services.
What is the payment schedule with Affirm?
It will depend on the total amount of products you bought. You may be able to finance purchases totaling between $144 and $799.99 over 3, 6, or 12 months. For purchases between $800 and $2,000, you may be able to spread your payments over a year, 18 months, or 24 months. All payment choices are conditional on eligibility.
Can I return a product bought with Affirm?
Yes, you can. Fortunately, Walmart allows you to return purchased items with Affirm. You can start the return process by going to the Walmart website. You must return the product through mail or return it in-store at any Walmart location, as with other types of purchase returns.
Does Affirm charge interest for all purchases?
On some Walmart.com products, Affirm may provide special financing with rates as low as 0% APR. Meaning, customers may be able to make interest-free monthly payments with Affirm. When exploring products on Walmart.com, select items may be listed as having 0% APR with Affirm.
