But only $1.5 billion of that was in "buy now, pay later." Affirm did $2.5 billion in gross merchandise value in the same period, and Klarna handled $20 billion. In the second quarter, PayPal processed $311 billion in total payment volume. By cutting out the traditional payment rails, they're a threat not just to credit card companies but to PayPal as well - a menace that's only going to grow as they copy features PayPal has long had, like accounts that can hold cash balances for spending. But even though it bought BillMeLater, a company devoted to pay-later purchases, in 2008 when the market was still nascent, and turned it into its PayPal Credit division, "buy now, pay later" is a tiny part of the stream of commerce PayPal facilitates.Ĭompanies like Affirm, Afterpay and Klarna have cozied up to merchants so they can capture the attention of consumers both as they shop and as they're about to pay. PayPal was an early leader in online payments and still dominates that market. If for some reason the items in your cart are not eligible for Pay in 4, the offer will not be available.A veteran of PayPal's "buy now, pay later" efforts says there's a simple reason it gave up its early lead as a pioneer of fast online credit: It wasn't focusing on merchants. Keep in mind, not all goods and services are eligible. The Pay in 4 checkout option will be displayed if the option is available for the specific merchant as well as the transaction amount and type. Why could I use Pay Later before but can’t with the same merchant now? Pay in 4 eligibility will vary by merchant and individual shopping experience. Our Customer Service team can’t see your decline explanation reason(s) and cannot review loan applications. We will send you a message in the PayPal Message Center explaining why your application wasn’t approved at this time. If your application gets declined, you can still use PayPal to check out securely with other payment methods in your wallet. Why was my Pay in 4 application declined? Currency conversion charges will apply and can be found in the PayPal User Agreement. For transactions not in USD, PayPal will automatically convert the transaction amount to USD at checkout before providing you with your Pay in 4 plan. Transactions can be made in all currencies that PayPal supports, not just USD. Pay in 4 is available to use at select merchants where PayPal is accepted. The down payment will be due at the time of the transaction and 3 subsequent repayments will be taken every 15 days thereafter. Your Pay in 4 loan will last a little over 6 weeks in total. However, if your repayment is returned because of non-sufficient funds or for another reason, your financial institution may charge you an NSF or other fee. PayPal does not charge any sign-up, application, late, or NSF fees when you pay with Pay in 4. Once your plan starts, we will send you an email containing important information about your Pay in 4 loan, including how to locate your loan agreement.Īre there any fees associated with Pay in 4? You will also have the option to download the loan agreement. You will see the link to the loan agreement when you choose to apply for Pay in 4 at checkout. You must read the loan agreement for your Pay in 4 loan before you submit your application. Offer availability depends on the merchant and may not be available for certain recurring subscription services.Īre there terms and conditions for my Pay in 4 loan? Pay in 4 is not available for certain merchants and goods. You must also have a PayPal account in good standing or open a PayPal account to apply. Availability depends on your state of residence, and you must be at least 18 years of age (or the age of majority in your state) to apply. Upon applying, you'll receive a decision within seconds, although not every application will be approved. Pay in 4 will appear as a payment method for eligible shopping cart values between $30 to $1,500 when you check out with PayPal. Pay in 4 is an interest-free installment loan that lets you split your purchase into 4 repayments, with the down payment due at the time of the transaction and 3 subsequent repayments made every 15 days thereafter.
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