Popular new payment option Bill Me Later is aimed at consumers who are reluctant to use credit cards online, but who consider PayPal too much of a hassle. Recently acquired by eBay/Paypal, Bill Me Later ranked #6 on the 2007 Inc 500 list of fastest growing private companies in America.
To complete a purchase using Bill Me Later, consumers simply enter their birth date and last four digits of their social security number. Bill Me Later does a rapid credit check, then sends an invoice within 30 days. At that point, buyers have the option of paying the bill in full, or paying over time with interest.
Most merchants who use Bill Me Later report that it’s the third most common form of payment, after Visa and MasterCard and before American Express. Transaction fees tend to be significantly lower than with credit cards.
As credit card use dwindles in the current economy, it may be worth exploring this new alternative.