Seeing a charge label on your credit card bill that simply reads “SHOPPAYINST AFRM” is a lot more confusing than you think for so many people out there. Like, quite literally, it isn’t making sense for many people out there, and they are showing their frustration on online forums. But the thing is, this charge actually is a legit one, and it has something to do with the Shop Pay and Affirm brands. So, let’s get to know what is even this is and why you’re the one seeing this charge on your credit card bill.
What is Shop Pay?
Shop Pay is a simple way to purchase online from stores that support Shopify. Every time you shop, Shop Pay remembers your address and card details and fills them in during the checkout process. Moreover, Shop Pay has a feature that allows you to pay for goods in multiple installments over a certain period, which, of course, reduces financial pressure on you.
Who are Affirm?
Affirm is a company that lets you pay for stuff over time, kind of like a mini loan. By choosing Affirm at the time of credit, you give them the money and they pay the store directly, and later, you return to Affirm with low regular payments. Also, in Affirm’s integration of Shop Pay, both companies’ names are jointly listed on the customer’s positive balance sheet in other words, “SHOPPAYINST AFRM.”
How Do Shop Pay Installments Work?
So, to be more precise, we will now examine the process of Shop Pay Installments. In a truly simpler term, Affirm is the one who carries out the first process i.e. the verification of your application during the purchase. Then, if you are eligible, Affirm will settle the store and you can enjoy your product at once. After that, on the dates that you personally choose, such as every two weeks or monthly, Affirm is going to take money from your credit card or bank account until you have cleared the due amounts. You got it.
What Does “SHOPPAYINST AFRM” Mean on Your Statement?
If you note “SHOPPAYINST AFRM” on your bank or card statement, it is most likely a piece of the confirmation thereof you are charged by Affirm or and the funds are received in the store. The outgoing transaction may take place due to the deduction of money you are supposed to pay; if you are a retailer and the cash is coming to your shop, you may see a credit. Just remember this to be able to recognize the action you perform.
How To Verify The Legitimacy Of This Transaction?
In case you see “SHOPPAYINST AFRM” in your bank statement and you ask yourself, “But I used Shop Pay Installments,” then read below. The primary thing you should do is to compare the amount and date of the charge with the order receipt you have in your email or visit the order history of the shop’s website. In case it’s not registering, you can go to the website of affirm.com and sign in, and have access to all the active loans or payments that you have. This way, you can identify any mistakes or figure out any possible scams.
