I've tried Bill Me Later as a consumer. (Client said, "Oh, put it on your credit card and I'll pay you when it comes in." Bill Me Later worked perfectly. A separate invoice for the purchase which I simply handed over to be paid.
I don't run an commerce site, but if I did I'd take a look at this.
I run a ecommerce site and I am not so sure about this as what happens if the cc they put in the system does a decline when it is time to pay up?
How does it check on fraud orders?
Looks to me just another way to get people already in to much debt in more and I see problems with this system.
I've never heard of them before, but I took a visit.
I don't like it.
The site doesn't work with Firefox. I get the navigation at the top of the page, and nothing else. I had to switch to IE to see the content of the home page. (Update: AdBlock Plus saw everything on the home page as ads. Not sure why. Are they associated with some ad-serving company?)
The "About Bill Me Later" link doesn't really tell me a thing about what it is or how it works. And I'm not sure just how I would find out, other than signing-up and reading the fine print.
As a consumer, it stinks.
I am confused.
So basically you are giving the customer terms? Like net 30 days? Or do you wait until you ship to charge the credit card?
Uh...one reason I've liked the internet for the last decade is being paid instantly for merchandise.
Even many government installations, etc no longer use purchase orders - they simply give you a Visa number - no more waiting for your money, and all the excess paperwork that goes with it.
Exactly why, as a merchant, would I want to give that up?
Rugles, CIT bank give the terms, not the merchant. Its just a store-card for a network of merchants, buy now pay later..subject to a credit check they give you a limit.
Nice, so the merchant gets paid immediately and the bank collects 30 days later.
I am assuming that the bank is charging for this service.
I've used this as a consumer and I really liked it. Wal-Mart uses it along with many other merchants. Not sure how it works for a merchant but I assume its not much different than accepting any other credit cards. It's simply another credit line that the consumer is approved for on the spot. they often run specials like 90 days same as cash which is why I like it.
I would use it as a merchant but none of my sites sell anything over $50 so it would not be much of a benefit.
I'm sure Amazon is using it to try and sell Kindle.
Its a nice factoring service...depends how much they take to offer the 90 days...Directly you'd need to be a ___ merchant to offer it...
I dont really care for Amazon as a transaction provider though..They seemed overly aggressive pursuing our business last year..and at pretty hefty rates...
How many people really go there to buy products other than books, and music?
oh gosh. just when i think my Amazon addiction is gone...
"often run specials like 90 days same as cash "
Keep in mind the merchants pay for that.
There are several of these programs in use in retail, and they offer the customer all kinds of options - no payments for 90 days, 6/12 months same as cash, etc.
In addition to collecting about 24% interest from the consumer who (cough cough) forgets to pay his balance off fully before the deal expires, they sock it to the merchant for about 10% of the sale for setting it up - these customer specials are MUCH, MUCH HIGHER for the merchant than 2-3% to accept a normal credit card.
I'm sorry, for 10% (plus potential interest from the customer) 'I' will play banker and carry the financing myself.
They also do a hard pull of your credit score but of course they don't tell you that.