GeoArm is partnering with Affirm to offer a buy now, pay later (BNPL) option on its website for do-it-yourself security customers.
GeoArm users can now choose to pay later for purchase of more than $50 in monthly installments of three, six or 12 months and can finance wireless security systems, smart home automations, security cameras and video doorbell equipment, including 2GIG, Alarm.com, Alula, Qolsys, Resideo and more.
Apple recently announced plans to launch a BNPL service in Canada with Affirm’s PayBright. The program, for sales of Apple devices in Canada, will let iPhone, Mac and iPad buyers in that country to pay for their purchases over a period of one to two years.
Bloomberg reports that Apple told employees it will offer the service interest-free for a limited time following the rollout. The companies will be debuting the new program via Apple’s eCommerce and brick-and-mortar retail stores in Canada.
News of Apple’s planned launch of a BNPL service with PayBright comes on the heels of Square announcing that it will acquire BNPL firm Afterpay, PYMNTS writes. The acquisition will help open up instalment payment services to a far wider range of merchants, according to the companies.
In July, a report surfaced that Apple is building out a perk to let Apple Pay users buy products and pay for them in monthly installments. The future so-called “Apple Pay Later” would be connected with Apple Pay upon its launch. As previously reported, Apple Pay Later has similarities to the Apple Card Monthly Installments program.
Affirm recently closed a $500 million securitization of its point-of-sale (POS) installment loans, which will help it boost its growth in the future. Affirm had had two prior securitizations in 2021, and this new one marks the sixth since it launched its program in 2020. The offering came with several classes of fixed-rate notes placed with different institutional investors.