Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Selected PayPal customers who use Bill Me Later when making an online purchase of $50 or more will get $10 off in the promotion that begins tomorrow. There will be no fees or interest on these purchases until April 1.
Now part of the same company, online payment services PayPal and Bill Me Later are teaming up on a promotion.
Starting tomorrow, PayPal will send out e-mail invitations to a couple of thousand of its customers who have not used Bill Me Later, offering them $10 off when they make an online purchase of $50 or more with Bill Me Later. There will be no fees or interest on these purchases until April 1.
Bill Me Later typically runs an instant credit check when consumers choose this payment option, extending credit to consumers deemed creditworthy and billing them for the goods. In this case, the company will run the credit check first and the PayPal customers receiving the e-mail will be preapproved by Bill Me Later, a PayPal spokeswoman says.
It is the first joint promotion by PayPal and Bill Me Later since PayPal’s parent company, eBay Inc., acquired Bill Me Later last month. That deal closed earlier this month.
“We thought the opportunity was perfect,” the PayPal spokeswoman says. “It’s the holidays and people are trying to make their cash go a little further with everything going on with the economy. It’s the perfect way to say thank you to our customers and invite them to try a new service, Bill Me Later.”
PayPal customers will be able to take advantage of the offer at more than 1,000 online merchants that accept Bill Me Later.