With Pay Later, buyers now have more ways to pay for items at checkout and can use Pay Later even if they don't have a PayPal account. The streamlined application can be completed in 30 seconds and provides a buyer with instant access to credit.
Sellers also benefit through increased sales and higher selling prices. According to a study conducted by Northstar Research Partners commissioned by PayPal, 56 percent of PayPal users are more likely to purchase from a merchant if a PayPal deferred payment option is available.(1) Pay Later purchases are the same as regular PayPal purchases: the sellers are paid quickly, and standard PayPal fees apply. Sellers who accept PayPal on eBay will automatically offer the Pay Later payment option.
"We are excited to give eBay buyers even more ways to pay for items on eBay with the security and convenience of PayPal," said Chris George, senior director of financial products at PayPal.
PayPal Pay Later is issued by GE Money Bank, one of the world's leading providers of consumer credit.
"eBay buyers will find deferred payments to be an extremely easy way to buy what they really want now and plan their payments in a way that best fits their budgets," said Margaret Keane, president and chief executive officer, GE Money - Retail Consumer Finance. "PayPal Pay Later is another great example of how eBay and PayPal are making online shopping safer and easier for consumers."
For more information about PayPal Pay Later, please visit: https://www.paypal.com/shopnow.
About PayPal
PayPal is the safer, easier way to pay and get paid online. The service allows anyone to pay without sharing financial information and gives consumers the flexibility to pay in any way they prefer, including through credit cards, bank accounts or account balances. With more than 60 million active accounts in 190 markets and 17 currencies around the world, PayPal enables global ecommerce. PayPal is an eBay company. More information about the company can be found at https://www.paypal.com.
About GE Money
With more than $200 billion in assets, GE Money, a unit of General Electric Company, (NYSE:GE) is a leading provider of retail banking and credit services to consumers and retailers in more than 50 countries around the world. With more than 130 million global customers, GE Money, based in London, UK, offers a range of financial products, including private label credit cards, personal loans, bank cards, mortgages, debt consolidation and home equity loans and credit insurance. More information can be found at www.gemoney.com.
(1) Northstar Research Partners, August 2006
SOURCE: PayPal
PayPal Michael Oldenburg, 408-967-5033 moldenburg@paypal.com or GE Money Dori Abel, 203-585-6702 dori.abel@ge.com
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