Comparison · Updated September 30, 2026
Affirm vs Sezzle for merchants
Affirm
B-
Affirm is a buy-now-pay-later provider founded in 2012 by Max Levchin, Nathan Gettings, Jeffrey Kaditz and Alex Rampell, headquartered at 221 Main Street in San Francisco and listed on Nasdaq as AFRM since January 2021. For the fiscal year ended 30 June 2026 it reported $50.2 billion of gross merchandise volume, up 37%, across approximately 571,000 active merchants and 27.8 million active consumers. Merchants integrate Affirm as a checkout option, Affirm underwrites and funds the consumer, and the merchant is paid in full up front minus a fee. Two things make it materially different from card acceptance: Affirm bears the consumer fraud risk on transactions it approves, and the merchant fee is several times a card rate — third-party surveys of mid-market merchants report 2% to 8%, while Affirm's own filings put blended merchant network revenue at 2.3% of GMV in FY2026. Its BBB profile is A+ and accredited; its consumer Trustpilot score is 1.7 across roughly 7,700 reviews.
Sezzle
B-
Sezzle is a Minneapolis buy-now-pay-later provider founded in 2016; Charlie Youakim, Paul Paradis and Killian Brackey are the co-founders named most consistently, though accounts of the full founding team differ. It began as a next-business-day ACH product and pivoted to instalments in 2017, listed on the Australian Securities Exchange on 30 July 2019, began trading on Nasdaq as SEZL on 17 August 2023 and left the ASX in January 2024. For the quarter ended 30 June 2026 it reported gross merchandise volume of $1.3 billion, up 37.9% year on year, total revenue of $149.7 million, up 51.7%, and net income of $40.8 million. For a merchant the bargain is the standard BNPL one but unusually cleanly stated: the shopper pays Sezzle a down payment, Sezzle pays you the full order value less your merchant rate, and Sezzle then carries both the fraud risk and the repayment risk for the six weeks that follow. What Sezzle does not do is tell you what that costs. There is no published merchant rate anywhere on its site — the fee is in the agreement you sign — and there are three separate ancillary charges most merchants only meet after signing.
VS
Overview
Affirm and Sezzle both let a shopper split a purchase, pay the merchant up front and carry the shopper's credit and fraud risk, but they are built for different baskets. Affirm is a financing network: Pay in 4 from $50, then monthly plans of up to 60 months at 0% to 36% APR on orders up to $25,000 by its help centre (up to 36 months and $30,000 through Stripe), with no late fees for shoppers. Sezzle is built around short plans on everyday orders: Pay in 4 from $20 and Pay in 2 from $10, with monthly plans for US merchants it approves. Sezzle publishes its direct rate (6.1% + 30¢ standard) and Affirm does not, although Stripe lists Affirm at 6% + 30¢. Affirm charges no monthly minimum, settles in one to three business days, reaches 27.8 million active consumers against Sezzle's 3.16 million, and switches on inside Stripe and Shopify Payments. Sezzle adds a $15 fee in any month under $300 of volume. It charges no dispute fee today, but from 30 October 2026 a new agreement adds a standard $5 fee on each dispute, plus $10 when the merchant loses. Payment Review grades both B-, and the better pick depends on what you sell.
Key Takeaways
- ✓Affirm is the one for bigger tickets: its help centre offers monthly plans of up to 60 months on orders up to $25,000 (36 months and $30,000 through Stripe), against Sezzle's Pay Monthly of 3 to 48 months, which only approved US merchants can offer.
- ✓Sezzle suits smaller baskets: its Pay in 4 starts at $20 by default and Pay in 2 at $10, where Affirm's Pay in 4 starts at $50.
- ✓Sezzle publishes its direct rate: 6.1% + 30¢ standard. Affirm quotes each merchant privately. The only published Affirm price is Stripe's, 6% + 30¢ on its Standard package, which includes Stripe's processing: $12.30 on a $200 order against $12.50 at Sezzle's direct standard rate.
- ✓Affirm charges shoppers no late fees and nothing extra on Pay in 4. Sezzle can add a Pay-in-4 service fee and a late fee of up to $16.95, and your customers see both.
- ✓Affirm has lighter fixed costs: no monthly minimum, where Sezzle charges $15 in any month under $300 of volume. On disputes the order flips on 30 October 2026: until then Sezzle charges nothing and Affirm charges $15 on a direct-agreement dispute you lose; from then Sezzle charges $5 on each dispute and $15 in total on one you lose.
Affirm
Affirm suits US, Canadian and UK retailers selling considered purchases, such as furniture, electronics, fitness equipment or travel, where a 12- to 36-month plan closes the sale. It also suits merchants on Stripe or Shopify Payments who want to switch BNPL on without a separate integration, and anyone who wants no monthly minimum and Affirm's stated payouts of one to three business days.
Sezzle
Sezzle suits US and Canadian online stores whose orders cluster between $20 and a few hundred dollars, and that want to see the standard rate before applying. They should be comfortable with a one-year auto-renewing agreement, a $15 fee in months under $300 of volume, and the per-dispute fees Sezzle introduces on 30 October 2026.
The Verdict
It Depends on Your Needs
Why?
Payment Review grades both B-, and which suits you depends on what you sell. Affirm wins most of the rows here. It offers longer financing, with plans of up to 60 months on orders up to $25,000, and charges shoppers no late fees or Pay-in-4 fees. It has no monthly minimum, charges no dispute fee when you win (Sezzle's per-dispute fee starts on 30 October 2026), pays out in one to three business days and reaches 27.8 million active consumers. It also switches on inside Stripe and Shopify Payments. Its weaknesses are that it does not publish its direct rate and that its Trustpilot score (1.6) is far below Sezzle's (4.1). Sezzle's advantages suit a different store. It publishes a standard rate of 6.1% + 30¢ before you apply, and its Pay in 4 starts at $20, where Affirm's starts at $50. A US or Canadian store selling everyday orders under a few hundred dollars can reasonably choose Sezzle, if it clears $300 a month and accepts the one-year auto-renewing agreement and the per-dispute fees that start on 30 October 2026. A store selling considered purchases, or one already on Stripe or Shopify Payments, will usually do better with Affirm.
Feature by feature
Detailed Comparison
Filter Options
Merchant fees (US, September 2026)
| Feature | Affirm | Sezzle |
|---|---|---|
| Standard rate, direct agreement | Not disclosed | 6.1% + 30¢ |
| Affirm's merchant help centre says it charges a merchant discount rate plus a per-transaction fee. The rate depends on the financing programme chosen, the size of the business and its risk profile, and a merchant sees its fees only after creating a merchant account. Affirm's FY2026 annual report says merchant fees are generally higher on 0% APR loans than on interest-bearing ones. Across all volume, merchant network revenue was 2.3% of GMV in FY2026, but that is an average and not a rate any merchant is quoted. Sezzle's figure is the standard rate in section 5.2 of its merchant agreement. It may be higher by industry or risk, and Sezzle confirms it by email at approval. By default, Sezzle's long-term plans carry the same rate on interest-bearing loans, while 0% offers are priced separately and not published. | ||
| Rate through Stripe (US) | 6% + 30¢ (Standard); 7.99% + 30¢ (Enhanced) Winner | Not offered on Stripe |
| This row is about availability, not a like-for-like price. Stripe's price for Affirm includes Stripe's own processing, while Sezzle's 6.1% + 30¢ is a direct-agreement rate. Both have the same 30¢ fixed fee, so Affirm on Stripe's Standard package costs 0.1 percentage point less at every order size: $12.30 against $12.50 on a $200 order, and $60.30 against $61.30 on $1,000. Stripe's Enhanced package, at 7.99% + 30¢ ($16.28 on $200), adds 6-month 0% APR plans from $100 and 12-month ones from $700. Stripe also says some businesses may get a temporary 2.9% + 30¢ rate for at least a month. Sezzle's rate can be higher than standard by industry or risk. Sezzle appears in neither Stripe's price list nor its buy now, pay later documentation. Affirm's rate through Shop Pay Installments on Shopify is shown only in the merchant's Shopify admin and is not published. | ||
| Monthly or minimum fee | None Winner | $15 in any month under $300 of volume |
| Affirm's help centre says it charges no integration, annual or monthly fees and sets no minimum online volume. Sezzle's agreement (s5.2.1) allows the $15 fee, or CA$15 for Canadian merchants. It also allows an inactive-merchant fee of the greater of 10% of the balance or $1,000 a month on an account with no volume that leaves a balance undisbursed over a rolling 90 days (s5.2.2). Neither charges a setup fee. | ||
| Dispute fee | $15 if decided against you (US direct agreement); nothing if you win | None until 29 Oct 2026; from 30 Oct, $5 per dispute (+$10 if lost) |
| No winner, because the answer changes on 30 October 2026. Until then Sezzle charges no dispute fee, so it is cheaper on disputes; from then Affirm is, since it charges nothing on a dispute you win. Affirm's dispute policy for US merchants charges $15 when it resolves a dispute in the customer's favour. A merchant who wins owes nothing, and the policy lists no surcharge for a high dispute rate. Shopify's help centre says a Shop Pay Installments merchant pays no additional cost when a dispute is resolved for the customer. Sezzle's merchant agreement last updated 30 September 2026, effective 30 October 2026, adds the fees in section 5.6 for disputes and chargebacks opened on or after 30 October: a standard $5 fee per case whatever the outcome, plus a $10 loss fee when it goes against the merchant (including a missed response deadline), capped at $30 a case combined. Sezzle says it will not charge them on disputes it judges to be fraud on the merchant or abuse by the shopper, and may exclude other categories. Section 5.7 adds a standard $30 surcharge on each dispute once the merchant's monthly dispute rate stays above a threshold (at least 1.5%) for three or more months, counting only months from November 2026. The previous version (effective 13 May 2026) sets no dispute fee. On either provider, the merchant repays the disputed amount on a loss. | ||
| Fees on a refunded order | Merchant fee not returned Winner | Fee not returned; 2% + 30¢ extra if paid from card on file |
| Both keep their original fee when you refund. Sezzle charges nothing extra when the refund comes from your Sezzle balance or refund reserve. The 2% + 30¢ applies only when it has to charge the card you keep on file (agreement s5.3). | ||
Standard rate, direct agreement
Affirm
Not disclosed
Sezzle
6.1% + 30¢
Affirm's merchant help centre says it charges a merchant discount rate plus a per-transaction fee. The rate depends on the financing programme chosen, the size of the business and its risk profile, and a merchant sees its fees only after creating a merchant account. Affirm's FY2026 annual report says merchant fees are generally higher on 0% APR loans than on interest-bearing ones. Across all volume, merchant network revenue was 2.3% of GMV in FY2026, but that is an average and not a rate any merchant is quoted. Sezzle's figure is the standard rate in section 5.2 of its merchant agreement. It may be higher by industry or risk, and Sezzle confirms it by email at approval. By default, Sezzle's long-term plans carry the same rate on interest-bearing loans, while 0% offers are priced separately and not published.
Rate through Stripe (US)
Affirm
6% + 30¢ (Standard); 7.99% + 30¢ (Enhanced)
Winner
Sezzle
Not offered on Stripe
This row is about availability, not a like-for-like price. Stripe's price for Affirm includes Stripe's own processing, while Sezzle's 6.1% + 30¢ is a direct-agreement rate. Both have the same 30¢ fixed fee, so Affirm on Stripe's Standard package costs 0.1 percentage point less at every order size: $12.30 against $12.50 on a $200 order, and $60.30 against $61.30 on $1,000. Stripe's Enhanced package, at 7.99% + 30¢ ($16.28 on $200), adds 6-month 0% APR plans from $100 and 12-month ones from $700. Stripe also says some businesses may get a temporary 2.9% + 30¢ rate for at least a month. Sezzle's rate can be higher than standard by industry or risk. Sezzle appears in neither Stripe's price list nor its buy now, pay later documentation. Affirm's rate through Shop Pay Installments on Shopify is shown only in the merchant's Shopify admin and is not published.
Monthly or minimum fee
Affirm
None
Winner
Sezzle
$15 in any month under $300 of volume
Affirm's help centre says it charges no integration, annual or monthly fees and sets no minimum online volume. Sezzle's agreement (s5.2.1) allows the $15 fee, or CA$15 for Canadian merchants. It also allows an inactive-merchant fee of the greater of 10% of the balance or $1,000 a month on an account with no volume that leaves a balance undisbursed over a rolling 90 days (s5.2.2). Neither charges a setup fee.
Dispute fee
Affirm
$15 if decided against you (US direct agreement); nothing if you win
Sezzle
None until 29 Oct 2026; from 30 Oct, $5 per dispute (+$10 if lost)
No winner, because the answer changes on 30 October 2026. Until then Sezzle charges no dispute fee, so it is cheaper on disputes; from then Affirm is, since it charges nothing on a dispute you win. Affirm's dispute policy for US merchants charges $15 when it resolves a dispute in the customer's favour. A merchant who wins owes nothing, and the policy lists no surcharge for a high dispute rate. Shopify's help centre says a Shop Pay Installments merchant pays no additional cost when a dispute is resolved for the customer. Sezzle's merchant agreement last updated 30 September 2026, effective 30 October 2026, adds the fees in section 5.6 for disputes and chargebacks opened on or after 30 October: a standard $5 fee per case whatever the outcome, plus a $10 loss fee when it goes against the merchant (including a missed response deadline), capped at $30 a case combined. Sezzle says it will not charge them on disputes it judges to be fraud on the merchant or abuse by the shopper, and may exclude other categories. Section 5.7 adds a standard $30 surcharge on each dispute once the merchant's monthly dispute rate stays above a threshold (at least 1.5%) for three or more months, counting only months from November 2026. The previous version (effective 13 May 2026) sets no dispute fee. On either provider, the merchant repays the disputed amount on a loss.
Fees on a refunded order
Affirm
Merchant fee not returned
Winner
Sezzle
Fee not returned; 2% + 30¢ extra if paid from card on file
Both keep their original fee when you refund. Sezzle charges nothing extra when the refund comes from your Sezzle balance or refund reserve. The 2% + 30¢ applies only when it has to charge the card you keep on file (agreement s5.3).
Best For Your Business
Recommendations based on your business type
Furniture, electronics, fitness equipment or other high-ticket goods
Recommended
Affirm
Affirm's help centre offers monthly plans of up to 60 months on orders up to $25,000 (36 months through Stripe), and optional 0% APR programmes. Sezzle's Pay Monthly runs to 48 months but is open only to US merchants it approves, and its 0% pricing is not published.
Store already on Stripe or Shopify Payments
Recommended
Affirm
Affirm can be switched on inside Stripe, at a published 6% + 30¢ in the US, and inside Shopify Payments as Shop Pay Installments, with no separate BNPL integration. Sezzle is on neither and needs its own application and integration.
Everyday online retail with $20 to $100 orders
Recommended
Sezzle
Sezzle's Pay in 4 starts at $20 and its Pay in 2 at $10 by default, while Affirm's Pay in 4 starts at $50. Sezzle's 6.1% + 30¢ standard rate is published, so you can price it before applying. Check that you will clear $300 a month to avoid its $15 minimum fee, and budget for the $5 dispute fee it charges from 30 October 2026.
Small or seasonal store with low BNPL volume
Recommended
Affirm
Affirm charges no monthly, annual or integration fee and sets no minimum volume. Sezzle charges $15 in any month under $300 of volume, and its agreement allows a large inactive-account fee on an undisbursed balance.
Retailer selling into the UK as well as North America
Recommended
Affirm
Affirm serves US, Canadian and UK shoppers and is in a limited launch in Australia. Sezzle serves the US and Canada only.
Affirm: Best for 4 use cases
Sezzle: Best for 1 use case
Frequently Asked Questions
Common questions about this comparison
Affirm does not publish its direct rate. It charges a percentage of each order plus a per-transaction fee, set by the financing programme you choose, your business size and your risk profile. It charges no integration, annual or monthly fees. The one published Affirm price is Stripe's: 6% + 30¢ per transaction in the US on its Standard package, or 7.99% + 30¢ on its Enhanced package with longer 0% APR plans. Affirm does not return its fee when you refund an order.
Sezzle's merchant agreement sets a standard fee of 6.1% + 30¢ per transaction. It can be higher depending on your industry and risk, and Sezzle confirms it at approval. Sezzle adds $15 in any month under $300 of volume, and 2% + 30¢ on refunds charged to a card on file. It charges no dispute fee under the agreement in force until 29 October 2026. From 30 October its new agreement adds a standard $5 on each dispute and $10 more on each one you lose. There is no setup fee.
Affirm does not. Its terms say it never charges late fees, and its Pay in 4 is 0% APR with no fees. Sezzle's fee schedule allows a late fee of up to $16.95, capped at 25% of the order, plus reschedule and failed-payment fees. Its Pay in 4 can also carry a service fee at checkout.
Affirm says it settles by ACH within one to three business days of each transaction and disburses charges from Friday to Sunday on Monday. Sezzle settles one to seven business days after capture, most commonly three. It can lengthen that for risk, delayed shipping, made-to-order goods or high dispute levels.
The provider does. Both pay you up front and carry the shopper's credit and fraud risk, so a missed instalment does not reduce your payout. You still repay the order amount if a dispute, for example over an item not delivered, is decided against you. On a US direct agreement you then pay Affirm a $15 fee. Sezzle charges no dispute fee on disputes opened before 30 October 2026; from that date it charges $15 in total on a lost dispute and $5 on one you win.
Yes. Shop Pay Installments runs on Affirm, which lends to and collects from the shopper. US, Canadian and UK stores can turn it on inside Shopify Payments for orders from $35 to $30,000 (£50 to £30,000 in the UK). Sezzle is added as a separate payment integration.
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