Pay Later with PayPal is a service that allows customers to make purchases online without using a credit card. PayPal Credit, formerly known as Bill Me Later, is a proprietary payment method offered on the websites of many well-known merchants, including Wal-Mart, Home Depot, eBay, and Best Buy. Customers can open a PayPal Credit account, which offers a line of revolving credit through Synchrony Bank, and use it to make purchases online. After customers open their accounts, PayPal Credit asks customers at every purchase to log into their PayPal account to complete the transaction. The approved customer can then pay the bill by mail (check), phone, or online (via bank account) at PayPals official website. Once the PayPal Credit account is linked to PayPal, it becomes a funding option within the PayPal account and gives the option to pay off the PayPal Credit balance.
Pay Later with PayPal also includes other options such as Pay in 4 and Pay Monthly, which allow customers to break up payments over weeks or even months. Customers can choose the installment plan that works for them and make payments securely in the app or online with the ease of autopay. Pay in 4 is an interest-free loan that lets customers split their basket into 4 payments, with the first due at the time of purchase and subsequent payments due bi-weekly. Pay Monthly offers the ease of 6, 12, or 24-month payment plans, $0 down, and no sign-up or late fees.
Pay Later offers short-term, interest-free payments, longer-term, monthly installments, and other special financing options that buyers can use to buy now and pay later, while merchants get paid up-front. Pay Later is included with the standard PayPal Checkout. However, specific Pay Later offers differ by country. Pay Later in the US includes Pay in 4, which allows eligible US buyers to pay in four interest-free payments for purchases of $30 to $1,500.
In summary, Pay Later with PayPal is a service that allows customers to make purchases online without using a credit card. It includes options such as PayPal Credit, Pay in 4, and Pay Monthly, which allow customers to break up payments over weeks or even months. Pay Later offers short-term, interest-free payments, longer-term, monthly installments, and other special financing options that buyers can use to buy now and pay later, while merchants get paid up-front.
