October 28, 2002, 12:00 AM

Buy.com buys into the Bill Me Later payment option

Buy.com is the largest major general e-retailer to offer shoppers the option of paying through the Bill Me Later service, which saves 20-40% in transaction costs over credit cards, according to I4 Commerce.

To attract online shoppers who might be leery of using a credit card, Buy.com is offering the option of paying through the Bill Me Later service from I4 Commerce Inc. "Offering Bill Me Later opens the door to thousands of customers who may have yet to purchase from Buy.com," said Buy.com Inc. President Robert Price.

 

Price said the Bill Me Later option will also lower Buy.com’s transaction costs compared to purchases made with credit cards. Bill Me Later transaction fees charged to merchants, figured as a percent of each sale, generally run 20-40% less the fees merchants pay for credit card transactions, says a spokesman for I4 Commerce.

 

The spokesman says Buy.com is the largest general retailer that has signed up so far for Bill Me Later. He adds that other clients include Internet service providers, though he declines to name them. In August, Jim Ellis, I4’s director of merchant development, said that 20 merchants had signed up and that more were expected before year-end.

 

Bill Me Later sends bills to shoppers through the mail, allowing them to pay over time or all at once.

 

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