In order to make it easier for its users to purchase items online, PayPal has launched a new short-term payment offering for customers in the United States called Pay in 4.As the name suggests, the service allows users to pay for purchases between $ 30 and $ 600 over a six-week period in four installments.
Pay in 4 allows merchants and partners to be prepaid for all goods sold while providing customers with a new “buy now, pay later” option. The service is also included in the merchant’s existing PayPal pricing, so they won’t be required to pay any additional fees to activate Pay in 4 for their customers.Customers who decide to make a purchase using the new service will not have to pay any fees or interest, and making payments is also seamless with automatic refunds. Pay in 4 will also appear in a user’s PayPal wallet, so they can manage their payments directly from the company’s app.
Pay in 4
Senior Vice President of Global Credit at PayPal, Doug Bland explained in a press release how Pay in 4 can help generate orders for merchants without forcing them to incur additional costs, saying:
“In today’s challenging business and economic environment, merchants are looking for reliable ways to contribute to average order value and conversion, without incurring additional costs. At the same time, consumers are looking for more flexible and responsible means of payment, especially online. With Pay in 4, we are building on our history as an initiator of Buy It Now, Pay Later, coupled with the trust and ubiquity of PayPal, to empower consumers to shop responsibly and flexible while providing merchants with a tool to help them. stimulate sales, loyalty and customer choice. ”
Pay in 4 will be available to PayPal users on qualifying purchases from the start of the fourth quarter of this year and the service launch date aligns well with the 2020 holiday season.