Payment provider PayPal has announced a new Pay Monthly offer, providing US customers with a further ‘buy now pay later’ option for more flexibility.
The offer allows customers to make large purchases between 199 dollars and 10,000 dollars, breaking the total cost into monthly payments over a six to 24 month period.
On selection, customers will be asked to fill out an application at checkout which, once approved, will provide them with different payment plans, including time period and payment method, to be compared.
For merchants, the new offer will be automatically available, with no additional cost or risk, PayPal said in a release, as well as no complex integration.
“How consumers look to pay for larger purchases is evolving and there is a growing demand for flexible payment options with 22 million PayPal customers using our pay later offering this past year," said Greg Lisiewski, vice president of shopping and Pay Later at PayPal.
Lisiewski continued: "Pay Monthly builds on our commitment to deliver leading payment solutions that offer customers choice to ensure checkout matches their needs and budgeting preferences."