Sure, discounting your products might help, but that strategy has some obvious disadvantages. Unsurprisingly, if you make it easier for customers to afford products, they’ll be more likely to buy them.
PAYPAL BUY NOW PAY LATER STORES FULL
Here are 5 reasons you should start taking full advantage of PayPal Pay in 4 right away: 1. In short, the answer is a resounding, “absolutely.” Now that you better understand how PayPal Pay in 4 works, the question becomes, “Will it work for your business?” What Business Owners Need to Know About PayPal Pay in 4 PayPal does do a soft inquiry that will show up on the customer’s credit report, but that doesn’t negatively affect their score in any way. Does PayPal Do a Credit Check Before Offering Pay in 4?Īs we mentioned earlier, one of the benefits for customers who want to Pay in 4 with their PayPal purchases is that taking advantage of this luxury doesn’t hurt their credit score at all. That being said, PayPal does recommend that customers contact them if they believe they won’t be able to make an upcoming Pay in 4 payment to discuss possible options for avoiding these outcomes. Customers who wait too long to do this may even find they lose access to all of PayPal’s services until that balance is paid off. If a customer signs up to pay in four but misses any of their payments, PayPal will no longer extend the BNPL option to them until the amount is paid. What Happens if a Customer Misses One of Their Payments? Customers are eligible to use it for purchases between $30 and $1,500. In fact, as of 2021, there are about 426 million PayPal users all across the planet. Just about everyone has a PayPal account and just about every eCommerce store accepts PayPal payments. Pretty simple, right? Can Anyone Use PayPal Pay in 4?Īnyone with a PayPal account can make purchases using Pay in 4.Īgain, this is what makes PayPal’s version of BNPL so popular. Two weeks after that, you’d pay $25 again.Īnd then the final $25 would be due two weeks later. Then, in two weeks, you’d be charged another $25. So, in total, customers pay off their purchases in just six weeks.įor example, if you elected to use PayPal Pay in 4 when purchasing a product that costs $100, you’d pay $25 of it right away at checkout. The name pretty much says it all, but let’s dig into the details about how PayPal Pay in 4 actually works.Ĭustomers make the first of their four payments upfront at the time of purchase with the other three coming due every two weeks. We’ll cover some of the more popular names that accept PayPal Pay in 4 in just a moment. (Also, that last element is a HUGE benefit that customers love – which we’ll cover in more detail a bit later)Īnd thanks to the popularity of PayPal, the option is widely accepted all over the Internet and even at many in-store locations. PayPal introduced the new option back in 2020, which added to its other “Pay Later” offerings: Easy Payments and PayPal Credit.Īs opposed to offering installation payments the way a credit card would, PayPal Pay in 4 promises customers won’t have to deal with: It’s a “Buy Now, Pay Later” (BNPL) feature that allows customers to pay for their purchases in four easy installments – instead of all at once.
PayPal Pay in 4 is a fairly self-explanatory service.
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