Payment in installments on PayPal: The new PayPal Credit
PayPal has been offering installment payments in Germany since June 2016 - the system is called PayPal Credit. Payment by installments powered by PayPal is now also possible in this country. In this practical tip you will find out what it's all about.
What is PayPal payment by installments?
First "Bill me Later" started in the USA, shortly afterwards also in Great Britain. The concept is now known as "PayPal Credit" and is now also available to German customers as installment payments.
- With the PayPal installment payment, you can pay off goods purchased from the retailer in installments via PayPal. The dealer defines all conditions.
- If you decide to pay in installments with PayPal, you can choose this payment method as usual. In this case, you automatically submit an application to PayPal. For this you need your date of birth, your name and address as well as your bank details. The application is checked in real time and you will receive a response within a few seconds. If the credit check is positive, PayPal usually grants you an installment payment.
- You then pay the installments back to PayPal on the selected terms, the dealer receives the amount immediately from PayPal. So you have to contact PayPal for the repayment. Repayment is possible over a period of six to a maximum of 24 months.
- You should stick to the payment schedule and plan beforehand whether and how you can pay off the installments. If you want to pay the installments earlier, this is also possible with PayPal.
- You can usually find out whether the retailer offers such a payment method in the payment area of the respective online shop. You can also view the conditions there.
- Installment payment Powered by PayPal works completely online - even without a PayPal account. However, if you create or link your PayPal account as a customer with the installment payment option, you will always have an overview of the payments.
