October 30, 2001, 12:00 AM

A new payment option: Bill Me Later

Payments processor Paymentech and GoPin Inc., which sells transaction solutions to online retailers, are offering a “Bill Me Later” service that allows customers to buy merchandise and not pay for it for 25 days, just as they would with a credit card.

One of the improvements to web-based shopping that retailers and payment services providers have been seeking since the dawn of Internet retailing has been expanded payment options for consumers. Paying for a purchase has been pretty much limited to credit cards and debit cards, with some retailers using an electronic check function.

Now Paymentech, which processes 50% of web-based retail payment transactions, and GoPin Inc., which sells transaction solutions to online retailers, are offering a “Bill Me Later” service that allows customers to buy merchandise and not pay for it for 25 days, just as they would with a credit card.

Consumers who do not have credit cards or fear to send their card numbers online can choose the Bill Me Later option. GoPin conducts an instant credit check, then approves or declines the credit request. GoPin accepts the risk on the transaction. Consumers can use the Bill Me Later service at any number of online retailers and receive a single bill, with the option of paying in full or over time.

Paymentech processed 3.4 billion transactions and $109 billion in bank card sales volume in 2000. It is jointly owned by Bank One Corp. and First Data Corp.

 

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