A day after Amazon announced they would be rolling out a new payment processing option of their own, PayPal announced that they will be expanding their current payment offering to include a buy now, pay later option called PayPal Pay Later. Similar to Bill Me Later, PayPal’s new buy now, pay later service is a form of “buyer credit” exclusively for PayPal users that allows approved members to make one low monthly payment for purchases made through PayPal. This announcement comes just in time for this years Online holiday shopping rush and gives merchants plenty of time to add this option into their selling platform.
The success of sites recently that offer a form of “buyers credit” has been evident. Until now, Bill Me Later has had nearly zero competition in this arena. PayPal hopes that expanding the payment options they offer and allowing consumers more ways to pay will give merchants another way to drive targeted sales to their eCommerce enabled sites.
PayPal Pay Later makes offering PayPal even more attractive to merchants because it gives them yet another way to drive sales and consumers get instant purchasing power because they can buy when they want and pay for it later - all with the peace of mind that they don’t have to share credit card information over the Web.
The new PayPal service is issued by GE Money Bank, one of the world’s leading providers of consumer credit and is currently available to consumers and select merchants in the U.S.
Smart, money managing consumers will find deferred payments to be an extremely easy way to buy what they really need or want now and plan out their payments in a way that best fits with their budget. The new program is a great option for a total purchase of $50 to $1,500, and we anticipate it will be a popular choice for larger ticket transactions and holiday shopping.
