UNITED STATES | PayPal announces it rebrands its Bill Me Later service to PayPal Credit. The service allows shoppers to buy now and pay later. PayPal positions the PayPal Credit service as the secure, instant and reusable credit line without the need to use 'plastic' (cards). PayPal Credit will soon be introduced in the U.K., Germany and Australia.
Bill Me Later
Bill Me Later (founded in 2000) was acquired by eBay Inc. in 2008, and is now a PayPal company headquartered in Timonium, Maryland with additional offices in Maryland, Arizona and California. Bill Me Later let users pay without using a credit card. At checkout, shoppers simply provide their birthday and the last four digits of their social security number, accept the terms and their purchase is complete.
Shoppers checking out with Bill Me Later (PayPal Credit) know within seconds if they are approved and are provided a credit line. Bill Me Later is already accepted at thousands of online stores. All Bill Me Later accepting stores should replace their references and image to reflect Bill Me Later's rebranding to PayPal Credit.
Bill Me Later Users Moved to PayPal
PayPal will gradually make the transition to PayPal Credit in the coming months. For Bill Me Later users the existing credit line remains intact and they still can use the service by using their user ID and password. Merchants still can accept and process checkouts by Bill Me Later. In nearby future, PayPal will be moving every Bill Me Later user over to PayPal by linking the existing credit lines to a PayPal account.
Merchants looking to accept PayPal Credit
Merchants eager to accept PayPal Credit can integrate with PayPal Payments Advanced. This all-in-one solution enables merchants to collect payments directly via credit card, PayPal Express Checkout, or the PayPal Credit service. The PayPal Payments Advanced solution offers an embedded checkout that keeps shoppers on the merchant's site. By using PayPal's hosted checkout templates (embedded checkout) merchants can avoid the burden of passing credit card details through their servers, greatly reducing their PCI compliance burden. Click here for more information on PayPal Payments Advanced.
PayPal has over 152 million active registered accounts and helps people and businesses receive and make payments in more than 100 currencies in 203 markets. PayPal, an eBay Inc., company processed $27 billion in mobile payment volume in 2013, processes 9.3 million payments everyday and $7,001 in total payment volume every second (Q2 2014). Click here for more information on PayPal Credit.