Canada has one of the world's highest credit card penetration rates and Interac debit is an everyday payment habit, but BNPL installment payment use has been steadily rising in recent years, particularly for higher-priced goods. Affirm expanded its local merchant base after acquiring Canadian BNPL provider PayBright in 2021 and folding it into Affirm Canada, and it is now considered a leading BNPL provider in Canada on the strength of multi-month long-term installment plans and a model with no late fees.

For Korean merchants selling goods priced at several hundred CAD or more, such as furniture, appliances, electronics, or sports equipment, through their own online store or mobile app, offering this can be expected to lower cart abandonment compared to offering only one-time card payments. For the status of the former PayBright brand, see the Canada PayBright guide; for other installment options, see the comparison table below.

When a Canadian consumer selects Affirm at checkout, they review the installment terms (term length, fees) on the online review screen and approve them, and as soon as approval is granted the merchant's order is confirmed as fully paid. The proceeds are then received by Hecto Financial in CAD, converted, and settled in whichever of USD, KRW, or JPY was selected at contract signing. Because Affirm manages the consumer's installment repayments, the merchant typically does not bear collection risk directly.

Integrating through Hecto Financial lets a Korean company explore adopting Affirm payments without a separate contract with a local Canadian entity. Because of the nature of BNPL, support conditions can vary depending on the product category and transaction value, so the scope of installment options along with the settlement cycle and fees should be confirmed with Hecto Financial's sales team before signing a contract.

• Business registration country

  Confirm contract eligibility as a Korean business

• Sales channel

  The integration approach and priority differ depending on your mix of online sales channels, such as your own store, open marketplaces, or a mobile app

• Product categories handled

  Confirm in advance whether your category falls under Affirm's restricted merchant policies

• Local regulatory compliance

  Confirm compliance with Canada's payment and foreign exchange regulations (see the official sources below)

Settlement follows a "receive locally, pay out in the designated currency" structure. Hecto Financial receives the proceeds of a Canadian consumer's Affirm payment in CAD, converts the currency, and pays the merchant in whichever of USD, KRW, or JPY was selected at contract signing. The settlement cycle and the exchange rate basis follow the contract terms, and for refunds, the consumer's repayment schedule is adjusted according to Affirm's installment cancellation policy, so it is best to confirm the deadline for processing partial refunds before signing the contract.

• Bank of Canada / Payments CanadaOfficial information on Canada's payment systems and clearing rules. If this page's content differs from the actual regulations, the official source takes precedence.