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
16.9% of U.S. homeowners underwater, down from peak 31.4% in 2012, reports @zillow http://t.co/EbILqY1HMz
12 hours ago
Breaking at #NewsNow: President Obama signs IOLTA bill into law. http://t.co/5N741Bygmn
14 hours ago
.@edmunds says the week between Christmas and New Year's is the busiest car shopping time of the year.
15 hours ago
.@CFPB sues Sprint for cramming 3rd-party service fees onto consumers' bills http://t.co/mhlMWqLKku
15 hours ago
#HomeDepot #databreach lawsuits consolidated in Georgia http://t.co/A4bei5z0mV
16 hours ago