In case you haven’t already seen it, some have spotted a new PayPal feature which has sneaked in whilst most of us were unaware. It looks as though PayPal are conducting a “pay later” feature trial.
In fact, I found it purely by accident myself recently when buying goods off eBay, and the money wasn’t taken from my account until 14 days after the purchase. It looks as though some buyers on certain purchases may be offered this feature. Nevertheless, we can only assume that users with a good, solid reputation will be eligible. As it’s something I’ve experienced myself, I’ll give you the lowdown.
So, what exactly happens with this “pay later” feature?
Well, after making my purchase, which had gone through successfully, I received an interesting email from PayPal. Obviously, my personal details have been redacted!
The email went something like this and makes more sense of the situation:
“Dear Mrs Uber,
Reciept for your Hello Kitty Mouse Matt purchase – your payment has been scheduled.
You purchased an item from Funky Mouse Mats for £6.99 GBP and chose to pay after delivery. It may take a few moments for this transaction to appear in your account.”
So, what next?
Well, PayPal waits 14 days after your purchase to debit the money from your account. It’s interesting to note that the item I purchased arrived within a few days!
PayPal is thoughtful enough to email you a reminder before they debit your account. However, there is also an option which allows you to login and ‘pay now’ when you select that transaction.
In cases when an item is not as described or fails to arrive at all, you have a period of 45 days’ grace to report the problem, which will be dealt with by PayPal.
· This kind of Payment shows up on your bank statement as a ‘PayPal purchase’.
· If you want to change how you pay for your goods, simply go to your Profile page and select ‘My Money’.
· You may not see the transaction appear immediately, but it should only take a few moments.
What does PayPal have to say?
Well, they’re remaining tight lipped about it. So, it’s impossible to say just who the feature is intended for. Nevertheless, it’s worth noting that a similar feature was introduced in America not so long ago – the ‘Bill Me Later’ service.
Now, this isn’t some sort of feature that’s akin to one of those dodgy pay day loans when you’re broke at the end of the month. In fact, the feature is proposed as being a facility which ensures safety for buyers; letting them check out their purchases before parting with their cash.
What does this mean for sellers?
To be frank, we just don’t know at this point in time. Will it become compulsory? If a user selects this option, will you still get the funds immediately? Sorry, but we have no answers yet! With all these pressing questions, we hope PayPal can shed some light on it in the near future.