PayPal is now offering a new payment installment plan in the United Kingdom, giving shoppers the option to break up purchases into thirds…
Online payments system PayPal is launching a new service in the UK that could very well help cash-strapped consumers and beleaguered businesses alike. The new option will allow shoppers to make purchases and pay in three interest-free installments. Of course, there’s a catch — but it’s not a particularly big one. Called Pay in 3, it will apply to purchases ranging between £45 and £2000, payable over a three month period.
PayPal’s Pay in 3 Service Debuts in the United Kingdom
PayPal’s Pay in 3 will appear in customers’ wallets. This will give them the ability to manage their payments without incurring additional fees. Meanwhile, businesses will receive full payment upfront from PayPal. (This is where the caveat comes into play.) Being PayPal fronts the total cost on behalf of the consumer, anyone wanting to take advantage must agree to a credit check.
This is particularly good news for small businesses because it allows them to offer customers more flexible payment options. Rob Harper, UK Director of Enterprise Accounts at PayPal explains:
“During the coronavirus pandemic, we have seen the number of people in the UK shopping online increase dramatically. At the same time, many more consumers are looking to spread the cost of those purchases.”