1000 Merchants Use ‘Bill Me Later’

Published on September 18, 2008 | Comments: 0
Online payment service Bill Me Later's network of online stores, catalogs, and travel partners has hit - and surpassed - the 1,000 mark, the company announced. Bill Me Later uses the speedy credit approval made possible by the credit bureau infrastructure to approve customers in seconds, based on identifying information such as birth date and partial Social Security numbers. Approve customers receive a bill in the mail and can pay in full, or over time with interest. The service is aimed at high-income, creditworthy customers who hesitate to enter credit card numbers online - a surprisingly large group, reported The New York Times in Dec. '07. At that time, Bill Me Later was reportedly the third most common payment method, after Via and MasterCard, and a shade ahead of American Express. Inc. Magazine had listed it as the sixth fastest growing private company in the US, with 2006 revenue of $54 million. Some 32% of the Top 50 US online retailers accept the Bill Me Later services, according to Jupiter Research. Users of the service are more likely to prefer Bill Me Later to other payment options when shopping online, said the 2008 study. Borders and QVC have joined the network in the past few months, and Amazon joined at the end of last year, after seven years of deliberation. Among the companies that use Bill Me Later are Apple, Bluefly, Borders, Continental Airlines, eLUXURY, Fujitsu, JetBlue, Lenovo, PetSmart, QVC, Toshiba, Toys "R" Us, US Airways, Walmart.com, and Zappos.

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