Paypal to offer 'pay-me-later' service...
 

A new option for PayPal users: pay later
Online payment service owned by eBay says it will offer customers credit financing in conjunction with GE Money Bank.
August 2 2007: 7:37 AM EDT

LOS ANGELES (Reuters) -- PayPal said Thursday it will offer credit financing with General Electric Co.'s GE Money Bank in a bid to win new users and improve business for merchants that use its service.

Online payment service PayPal, which is owned by eBay Inc., is facing increased competition from Google Inc's Checkout, which has made a concerted effort to win over businesses that sell on eBay
The new PayPal service, called PayPal Pay Later, allows online merchants to offer a credit account with flexible financing options such as no payments for 90 days.

A spokeswoman for PayPal said interest on deferred payments would be shared between PayPal and GE and that rates would be competitive with other private-label credit products.

The spokeswoman said the merchants will not pay any additional fees, but will pay the regular PayPal processing fees. Research commissioned by eBay showed that 56 percent of PayPal users are more likely to buy from a retail site if a deferred payment option is available, eBay said.


http://money.cnn.com/2007/08/02/news...ion=2007080207

Nobody cares, huh??? sheesh...

welcome to 8 months ago

Didn't they do this months ago?

yes they did

I have been using it since early this year

You've actually been using this service? Is it in Beta? Man...CNN is supposed to be the most trusted name in news :disgust I almost feel deceived...

I got my GE Money / Paypal account setup in January I think it was

Then I ran it to its limit about a month later ;)