PayPal’s New Payment Option Allows Consumers to Shop Now and Pay Later
SAN JOSE, Calif.--(BUSINESS WIRE)--PayPal is now offering consumers more ways to pay online with PayPal Pay Later, a new convenient and secure service that allows merchants to offer promotional financing. Buyers that choose the promotional offer can defer payments for purchases on participating merchant web sites, allowing them to shop now and pay later.
“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 PayPal Pay Later service allows online merchants to offer a transactional credit account with flexible financing options to buyers at check out – even if a buyer doesn’t have a PayPal account. Financing options, such as no payments for 90 days, give merchants new and powerful ways to market to online shoppers.
Financing options and deferred payments have been proven to deliver increased sales and higher selling prices for merchants. According to a study conducted by Northstar Research Partners commissioned by PayPal, 56 percent of PayPal users are more likely to purchase from a retail site if a PayPal deferred payment option is available.
“We’re really excited to be one of the first sites to offer deferred payments through PayPal and give our customers even more choice when they make purchases,” said Dave Gaeta, director of marketing for Cooking.com. “We see this is as a great new tool to generate even more sales for our business.”
“PayPal Pay Later makes offering PayPal even more attractive to merchants because it gives them yet another way to drive sales,” said Stephanie Tilenius, vice president and general manager of PayPal Merchant Services. “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 PayPal Pay Later service is issued by GE Money Bank, one of the world’s leading providers of consumer credit.
"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," said Margaret Keane, president and chief executive officer, GE Money - Retail Consumer Finance. "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.”
PayPal’s new deferred payment option is currently available to consumers and select merchants in the U.S.
PayPal is the safer, easier way to pay and get paid online. The service allows anyone to pay in any way they prefer, including through credit cards, bank accounts or account balances, without sharing financial information. With more than 153 million accounts in 190 markets and 17 currencies around the world, PayPal enables global ecommerce. PayPal is an eBay (Nasdaq:EBAY) company. More information about the company can be found at https://www.paypal.com.
About GE Money
With $190 billion in assets, GE Money, a unit of General Electric Company (NYSE:GE), is a leading provider of credit services to consumers, retailers and auto dealers in 55 countries around the world. GE Money, based in Stamford, Conn., offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans and credit insurance. More information can be found online at www.gemoney.com.