PayPal Pay in 3 buy now, pay later loans launch in UK - Tamebay

PayPal Pay in 3 buy now, pay later loans launch in UK - Tamebay


PayPal Pay in 3 buy now, pay later loans launch in UK - Tamebay

Posted: 14 Oct 2020 03:09 AM PDT

PayPal today announced the launch of PayPal Pay in 3, enabling UK businesses of all sizes to offer buy now, pay later payments without taking on additional risk or paying additional fees. The timing is great as we approach Black Friday in the year of a pandemic.

If you already offer PayPal on your website, this appears a bit of a no brainer. There are going to be a lot of consumers who have reduced incomes due to the pandemic and this will enable them to spend beyond their immediate income for Christmas and worry about how to pay for it in the New Year, which let's be honest is what consumers have done with credit cards for years anyway. In the mean time you get paid in full up front.

Through PayPal Pay in 3, businesses can offer their customers the option of making purchases between £45 and £2,000 by paying over three, interest-free payments, with seamless automatic re-payments each month. PayPal Pay in 3 will also appear in the customer's PayPal wallet, so they can manage their payments online or via the PayPal app.

PayPal Pay in 3 will help businesses drive checkout conversion, revenue and customer loyalty, with the option included in the business's existing PayPal pricing, paying no additional fees to enable it for their customers. PayPal will pay the business or retailer upfront for the full cost of the purchase. This sounds very similar to Klarna Instalments which enables customers to pay in 3 equal interest-free instalments but, if you already offer PayPal, saves the effort of signing up to a new payments provider.

In 2019, there was a 39% year-on-year increase in the proportion of buy now, pay later payments in the UK. This trend is expected to double by 2023. PayPal Pay in 3 allows companies from start-ups to globally recognised retailers to adapt to this changing consumer behaviour and offer a greater range of payment options.

Retailers including Crew Clothing, French Connection, Robert Dyas and Ryman are integrating PayPal Pay in 3, which is available in the UK from late October 2020. If you want in and to offer PayPal Pay in 3 on your website, platform or marketplace you can pre-register on the PayPal website.

"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. We have developed PayPal Pay in 3 to meet that need, building on our heritage as a responsible lender through PayPal Credit, which we launched in the UK in 2014, and has served more than two million customers to date.

We will continue to support for UK retailers and businesses through these challenging times by helping them adapt to changing consumer behaviours around how they shop and pay – especially in the lead up to Black Friday and Christmas. PayPal Pay in 3 offers a flexible way for over 24 million PayPal users to shop while providing companies with a tool that helps drive sales, loyalty and customer choice."
– Rob Harper, UK Director of Enterprise Accounts, PayPal

PayPal Offers BNPL Installment Loans In UK - pymnts.com

Posted: 13 Oct 2020 04:31 PM PDT

PayPal is rolling out a new buy now, pay later (BNPL) solution called PayPal Pay in 3 in the U.K., according to a press release.

The solution, similar to the company's Pay in 4 program in the U.S. and the Paiement in 4x in France, introduced earlier this year, will let customers pay for items in three monthly installments.

The release says Pay in 3 will help businesses boost checkout conversion, revenue and customer loyalty. The payment installments will be interest-free and backed by the security of PayPal's increasing options for Pay Later solutions.

Pay in 3 will give customers options to pay for items between £45 and £2,000 with seamless automatic repayments as an option, the release says. The program will also appear in the customer's PayPal wallet, which will give them a way to manage payments online or on their mobile apps.

The release says there was a 39 percent increase year over year of people utilizing BNPL services in the U.K. in 2019, with the trend expected to double in use by 2023. Rob Harper, U.K. Director of Enterprise Accounts at PayPal, said the coronavirus pandemic had upped the number of people shopping online, and that the BNPL solution had been appealing for people trying to be fiscally responsible.

He said the upcoming holiday season, as people begin to shop for gifts and other such things, would likely come with more of a surge in spending.

"We will continue to support U.K. retailers and businesses through these challenging times by helping them adapt to changing consumer behaviors around how they shop and pay – especially in the lead up to Black Friday and Christmas," he said, according to the release.

John Rainey, chief financial officer and executive vice president of global customer operations at PayPal, told Karen Webster recently that the important thing for a business operating during the pandemic is to adapt quickly, as PayPal previously did by offering SMB loans through the Paycheck Protection Program and implementing work from home solutions as many companies have done since March.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

PayPal is now offering Paycheck Protection Program loans to more than 10 million small businesses - Fortune

Posted: 10 Apr 2020 12:00 AM PDT

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Mortar only Ohio company selected for PayPal grant for Black-owned businesses - Cincinnati Business Courier

Posted: 28 Sep 2020 12:00 AM PDT

[unable to retrieve full-text content]Mortar only Ohio company selected for PayPal grant for Black-owned businesses  Cincinnati Business Courier

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