According to Dynamic Business, the new payment system called PayPal Pay in 4, will be offered to consumers as an option at checkout in the PayPal wallet. Customers are enabled to split eligible purchases from USD 50 to USD 1,500 over four equal, interest-free instalments.
Repayments will be automatically drawn every two weeks, with no fees charged for on-time payments.On the other hand, late fees will be applied for late or missed payments, with a fee of USD 10 for purchases under USD 125, charged one time with a cap at USD 10. For purchases over USD 125, there will be a USD 10 late payment fee for every missed payment, capped at three – USD 30.
Moreover, businesses can implement the new system on ecommerce websites and include 'PayPal Pay in 4 messaging', which will be able to dynamically show customers individual instalment amounts based on what they are browsing or purchasing, to clearly understand what each payment will be.
Furthermore, the company stated that the security and protection conditions they already offer will also apply for eligible transactions made using PayPal Pay in 4. Accordingly, PayPal’s Buyer Protection will be covering eligible purchases, full refunds and delivery fee returns will be offered for undelivered products, while PayPal’s Seller Protection will cover businesses for eligible purchases as well.
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