Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Products
PayPal lets users change payment method later
MADISON, Wis. (11/8/11)--PayPal Inc., an alternative online payments vendor, has introduced a new product that allows users to select their payment method up to five days after they purchase a product.

That contrasts with most mobile wallet vendors who allow their customers to select their method of payment before purchasing the product (American Banker Nov. 4).

PayPal uses Bill Me Later, an instant-credit provider it purchased in 2008, following Bill Me Later's failure to garner a necessary customer base for Pay Later--its home-based instant-credit system.

Based on slightly more information than what a customer usually gives merchants, Bill Me Later provides credit for individual purchases by conducting risk analysis during the checkout process. PayPal, by incorporating this technology into a mobile wallet, can issue customer credit and provide a five-day float for each purchase. Within that timeframe, a customer can change the funding option for each transaction.


RSS





print
News Now LiveWire
.@CFPB has concerns Re:electronic paymnts networks,particularly its effects on consumers,said bureau director Cordray http://t.co/mqi9bHL6Fb
4 minutes ago
#NewsNow CUNA Tech Council white paper looks at EMV http://t.co/2znk5N0Y4m
52 minutes ago
.@CUNA 3 pm ET Twitter chat Tues about recent customer satisfaction results ranking #CUs much higher than banks. #CUServiceExcellence.
1 hours ago
AACUL honors @DianaRDykstra with Eagle Award; Wendell Lyon re-elected chair http://t.co/FacmfLiItH
1 hours ago
.@NCUFoundation's Hyland, #creditunion leaders grace small screen for Va. TV program #CUNANewsNow http://t.co/opmMXzD91e
2 hours ago