PayPal Launches 'Pay In 4' Installments Credit Options

(RTTNews) - PayPal Holdings Inc. has launched a short-term installment offering "Pay in 4" for customers in the U.S, as part of its "Buy Now Pay Later" product suite. It will be available to consumers on qualifying purchases in early the fourth-quarter of 2020.

The "Pay in 4" option enables merchants and partners to get paid upfront while enabling customers to pay for purchases between $30 and $600 over a six-week period, PayPal said in a statement.

The company said Pay in 4 is included in the merchant's existing PayPal pricing, so that merchants don't pay any additional fees to enable it for their customers. Consumers pay no fees or interest, and payments are seamless with automatic re-payments. Pay in 4 will also appear in the customer's PayPal wallet, so they can manage their payments in the PayPal app.

PayPal said it also offers several other financing options. PayPal Credit is the most commonly used buy now pay later service. It is a reusable line of credit with various promotional offers built in like 6 months special financing and Easy Payments, available in the U.S. and U.K.

PayPal provides PayPal Ratenzahlung and Paiement en 4X- installment products in the German and French markets. It also offers Pay After Delivery, a buy now, pay later offering in Australia, Canada, France, Germany, Spain, the Netherlands and UK.