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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.


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