Financing

Learn how to get financing information for a specific product.

Financing allows a shopper to pay for goods and services in installments over time. Clients receive payment in full once the fulfiller ships the order. It is a shopper installment loan approved for an exact amount. Financing occurs at the cart/order level. The loan includes value-added tax (VAT) and shipping. VAT is a transaction tax placed on a product whenever value is added at each production stage and the final sale. A financing payment method does not support deposits and deferred payments.

Financing programs have proven to increase the average order value (AOV), attachment rates (shoppers select additional products for financing), and conversion rate/lift. Given this financing option, shoppers are more likely to complete a purchase. AOV is the average order value that tracks the amount spent when a customer submits an order on a website or mobile app. Unless otherwise noted in a report or dashboard, AOV does not include taxes, fees, shipping, or other order-related costs. You can calculate it by dividing the gross sales amount by the number of gross orders.

Financing shows the shopper's monthly bill payment, billing terms, and payment promotion codes when enabled. When shoppers check out, they can choose the finance option as a payment method for specific products.

Getting the financing information for a product

You can use Commerce APIs to access detailed financing information for a specific product. This functionality lets you retrieve essential data such as monthly payment amounts, interest rates, and the total repayable amount, enabling shoppers to make informed purchase decisions. The following guide provides instructions on how to request financing information.

To get the financing information for a product, send a GET /v1/shoppers/me/product/{produtId}/financing request. Replace {productId or externalReferenceId} with the product identifier and {Your_Access_Token} with your access token in the following example. See the Financing query parameters for more information. This request retrieves details, as shown in the example response below.

cURL

curl --location --request GET 'https://api.digitalriver.com/v1/shoppers/me/product/{productId}/financing' \
--header 'authorization: bearer {Your_Access_Token}\
...

200 OK response

{
  "uri": "https://api.digitalriver.com/v1/shoppers/me/products/73248500/financing",
  "financingTerm": [
    {
      "id": 1324500,
      "totalRepayable": {
        "currency": "USD",
        "value": "19.99"
      },
      "formattedTotalRepayable": "$8.92",
      "creditAmount": {
        "currency": "USD",
        "value": "19.99"
      },
      "formattedCreditAmount": "$7.20",
      "monthlyPaymentAmount": {
        "currency": "USD",
        "value": "19.99"
      },
      "formattedMonthlyPaymentAmount": "$0.08",
      "durationInMonths": 120,
      "interestRatePct": 0.04500000178813934,
      "interestRatePctForDisplay": 4.5,
      "effectiveInterestRate": 0.04500000178813934,
      "effectiveInterestRateForDisplay": 4.5,
      "description": "4.5% for 120 months"
    }
  ]
}

The 200 OK response contains detailed financing information for the specified product. Each financingTerm includes:

• id: The identifier for the financing term.

• totalRepayable: The total amount the shopper must pay, including currency and value.

• formattedTotalRepayable: The formatted display of the total repayable amount.

• creditAmount: The amount of credit provided, including currency and value.

• formattedCreditAmount: The formatted display of the credit amount.

• monthlyPaymentAmount: The monthly payment amount, including currency and value.

• formattedMonthlyPaymentAmount: The formatted display of the monthly payment amount.

• durationInMonths: The duration of the financing term in months.

• interestRatePct: The interest rate as a percentage.

• interestRatePctForDisplay: The formatted display of the interest rate.

• effectiveInterestRate: The effective interest rate.

• effectiveInterestRateForDisplay: The formatted display of the effective interest rate.

• description: A description of the financing term.

These details help shoppers understand the financing options available for their purchase.