The online payment firm PayPal, which is owned and operated by eBay, has announced that it would begin extending credit financing to its merchant customers in the near future.
The online payment firm PayPal is being challenged by Google’s Checkout, which is making a concentrated push to win over businesses that sell items on eBay.
The newest tool offered by PayPal is called PayPal Pay Later, and it gives online retailers the ability to provide customers with credit accounts that include a variety of flexible financing choices, such as delaying payment for up to ninety days.
According to a spokeswoman for PayPal, the interest on deferred payments would be split between PayPal and General Electric’s Money Bank. The spokeswoman also stated that the rates will be competitive with those of other private label credit products.
She stated that the merchants will not be responsible for paying any additional costs, but will be responsible for paying the standard PayPal processing fees.
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eBay claims that research it commissioned revealed that PayPal users are more likely to buy from a retail site if a postponed payment option is provided. The research was conducted on a sample of 500 PayPal users.
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