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'{{advert|date=November 2017}} {{Infobox website <!-- infobox source: http://www.hoovers.com/ebay/--ID 56307--/free-co-factsheet.xhtml --> | name = PayPal Credit | logo = | company_type = Subsidiary | genre = | foundation = 2000, [[Timonium, Maryland]], United States | founder = | location_city = | location_country = | location = Timonium, Maryland | locations = | area_served = | key_people = | industry = | products = | services = | revenue = | operating_income = | net_income = | owner = [[PayPal]] | num_employees = | parent = PayPal | divisions = | subsid = | url = {{URL|https://www.paypal.com/credit}} | alexa = {{IncreaseNegative}} 5,766 ({{as of|2014|4|1|alt=April 2014}})<ref name="alexa">{{cite web|url= http://www.alexa.com/siteinfo/billmelater.com |title= Billmelater.com Site Info | publisher= [[Alexa Internet]] |accessdate= 2014-04-01 }}</ref><!--Updated monthly by OKBot.--> | caption = Bill Me Later homepage | website_type = | advertising = none | registration = | launch_date = <!-- the date on which the website was launched--> | current_status = active | footnotes = }} '''PayPal Credit''', formerly named '''Bill Me Later''' ('''BML'''), is a proprietary payment method offered on the websites of many well-known merchants, including those of [[Wal-Mart]], [[Home Depot]], [[USPS]], [[B&H Photo Video]], [[Best Buy]], [[Overstock.com]], [[JetBlue Airways]], [[Liquidation Channel]], [[Jewelry Television]] and [[Hotels.com]].<ref>{{cite book|url=https://books.google.com/books?id=x6Z1L8kV7NcC&pg=PA428&dq=%22bill+me+later%22&ie=ISO-8859-1&output=html |title=Internet Law: A Field Guide - Jonathan D. Hart - Google Boeken |publisher=Books.google.com |date= |accessdate=2013-09-06}}</ref> The site, which offers consumers a line of [[revolving credit]] through [[Synchrony Bank]], allows purchases to be made online without using a [[credit card]]. The company was one of the first recipients of the Red Herring Global 100 Award by the publication [[Red Herring (magazine)|Red Herring]].<ref>{{cite web|url=http://www.accessmylibrary.com/coms2/summary_0286-33603704_ITM |title=Information and results for 'Bill Me Later, Inc. Named a Red Herring Global 100 Winner.' &#124; AccessMyLibrary - Promoting library advocacy |publisher=AccessMyLibrary |date= |accessdate=2013-09-06}}</ref> On November 7, 2008, [[PayPal]] completed its acquisition of Bill Me Later. It was formerly owned by I4 Commerce.<ref>{{cite web|url=http://www.accessmylibrary.com/coms2/summary_0286-32629188_ITM |title=Information and results for 'I4 Commerce Changes Name to Bill Me Later, Inc.' &#124; AccessMyLibrary - Promoting library advocacy |publisher=AccessMyLibrary |date= |accessdate=2013-09-06}}</ref> ==How it works== After customers open their accounts (including credit check), PayPal Credit asks customers at every purchase to log into their PayPal account to complete the transaction. The approved customer can then pay the bill by mail (check), phone or online (via bank account) at www.PayPal.com. Once the PayPal Credit account is linked to PayPal, it becomes a funding option within the PayPal account and gives the option to pay off the PayPal Credit balance. Customers also get an email whenever they are declined. In cases when they are declined and they don't receive declined email/letter, they can contact PayPal Credit Customer Service to check if it was not a system issue. PayPal Credit is not a credit card but a revolving line of credit offered by Synchrony Bank. Much like a traditional credit card, the company will charge late payments if necessary. ==Terms== For purchases of $99 and over that are made through PayPal wallet, customers have 6 months to pay their bill in full. If they don't, then they are charged interest at a 19.99% APR starting from the original purchase date. Purchases not made through the PayPal wallet will only receive promotional financing if the merchant is offering it. ==Developers/new merchant integration== Unlike its parent company [[PayPal]] which is available to most e-commerce entities, Bill Me Later isn't available to most businesses. New merchants can request integration through a website operated by the company. == Other products == Besides its flagship consumer service, Bill Me Later also offers Bill Me Later Business (As of May 13, 2012 Bill Me Later Business has been discontinued) (seen at [[USPS]]) and Preferred Account (seen at [[Newegg]]). In Bill Me Later Business, the users are business owners who want to use the equivalent of a corporate card for buying products and services over the web. The business owner would apply for Bill Me Later Business - using data like EIN etc. The Preferred Account is similar to the concept of a charge card - that can be used at a particular merchant only.<ref>{{cite web|url=http://www.billmelatersolutions.com/ |title=Mobile Technology and Usage Trends 2012 – PayPal |publisher=Billmelatersolutions.com |date= |accessdate=2013-09-06}}</ref> As of July 2018, there is no available list of online retailers where PayPal credit is accepted. Moreover, PayPal credit is not available as a payment method on all websites where PayPal is accepted. == Bill Me Later in PayPal wallet == After the PayPal acquisition of Bill Me Later, Bill Me Later is offered as a payment method through PayPal at sites that both accept PayPal and Bill Me Later. PayPal balances are accepted as payment on Bill Me Later statements.<ref>{{cite web|title=Bill Me Later FAQ|url=https://www.billmelater.com/help/index.xhtml#topic8|accessdate=28 January 2013}}</ref> == Lawsuits == On May 19, 2015 [[CFPB]] filed a complaint and proposed consent order in federal court against PayPal, Inc. for illegally signing up consumers for its online credit product, however, a judge has to approve if there was any law infringement before moving the case to court.<ref>{{cite web|url=https://www.theverge.com/2015/5/19/8627527/paypal-stuck-with-25-million-in-fines-by-cfpb |title=PayPal stuck with $25 million in fines for signing users up to its credit program |publisher=TheVerge.com |date= |accessdate=2015-05-19}}</ref> ==External links== *[https://www.billmelater.com/index.xhtml billmelater.com homepage] *[https://www.paypal.com/credit PayPal Credit homepage] ==References== {{reflist}} * http://www.consumeraffairs.com/credit_cards/bill_me_later.html?page=2 [[Category:PayPal]] [[Category:Financial services companies established in 2000]] [[Category:2008 mergers and acquisitions]]'