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Buy Now, Pay Later with Paypal

Buy Now, Pay Later with Paypal

 

Ever wanted to buy one of our silky soft bamboo items now, but pay for it later? Well, thanks to PayPal's 'Pay in 4' now you can!

Announced July 2021, Pay in 4 is PayPal’s very own buy now pay later (BNPL) service allowing you to split the cost of your purchase into four (4) equal payments wherever you can use PayPal as payment at checkout.

With over half of our shoppers using Paypal we thought this might be of interest so sit back and enjoy our quick guide to PayPal Pay in 4 (disclaimer: as we’re running on island time we're not going to get too deep into it, but enough for you to see if it's something that might be right for you).

 

What is PayPal Pay in 4?

Pay in 4 allows you to purchase an item over four equal payments, rather than upfront in full. The first payment is made at the time you buy, with the remaining three payments made every two weeks thereafter.

These payments are paid automatically from your PayPal account using whatever payment method you selected. As such, you have six weeks over which the full payment will be made but you're able to get your hands what you've bought much sooner.

In our case, we always aim to post your order out within 24hrs of it being placed, the same day if your order is made before midday (weekends excluded). It might take a little longer if we ask one of our suppliers to send it to you directly but if that's the case we'll place your order with them on the very same day, even on weekends.

It's worth noting that Pay in 4 is available to all Australian residents who have a PayPal account in good standing and for any eligible transaction with a shopping cart value between $30 and $1,500. So what’s an ineligible transaction? Some examples include gambling and person-person transfers.

  

How does it work?

You can take advantage of Pay in 4 by following these three simple steps:

  1. Checkout with PayPal as your payment option*
  2. Choose 'PayPal Pay in 4' and complete your purchase
  3. Make the first payment at the time of purchase and automatically pay the rest over three repayments (one every two weeks)

* If you don't have a PayPal account you can sign up quickly for free by clicking on this link (n.b. link opens in a new window):

 

What's the catch?

Here’s the great news (and you might want to sit down for this)...

There are no sign-up, interest or even late fees for Australian Pay in 4 customers, none!

The only exception might be a currency conversion fee on international purchases, if applicable. So unlike every other BNPL service that we know about, Pay in 4 is the only one with no fees… plus you are backed by all of PayPal’s usual security and buyer protection benefits.

 

What if I do happen miss a payment though?

PayPal have said that if any payment is missed then they will work closely with the customer to understand when they can pay. In the meantime, PayPal in 4 will not be available to use on any other purchase until the balance is paid. In extreme cases PayPal may limit a customer's use of PayPal overall.

 

OK, but how does Pay in 4 compare to Afterpay?

Probably the one question you've been waiting for right?

So, how does Pay in 4 stack-up against the hugely popular and the giant of BNPL providers Afterpay?

For this critical question we’ve deferred to an expert (Canstar) to make sure we get this one right so in their words:

‘The key difference is that Afterpay charges a late fee of $10 on a missed repayment and a further $7 if the payment remains unpaid seven days after the due date. So, if you make a purchase and pay it off on time both Afterpay and PayPal Pay in 4 will cost you nothing. If, however, you miss a repayment then Afterpay will hit you with a late fee.’

 

The (our) last word

When used smartly, buy now pay later and any other 'deferred' payment method (including credit cards) can be a great weapon in your financial arsenal.

Remember though, these companies aren't making money because everyone is able to pay on-time so just be wary if you do use them.

Perhaps ask yourself this question first: 'Can I afford to buy this now / within the allocated payment time-frame? If not, then the smart move will always be to 'defer' your purchase until such time that you do.

  

Want to know more?

If you are looking for more information about PayPal’s Pay in 4 and buy now pay later in general, below are some links that you might find helpful: (n.b. each link will open in a new window)

More info about Pay in 4

Pay in 4 FAQ’s

Canstar’s view on BNPL services

n.b. the Canstar link above includes a great BNPL provider comparison tool near the bottom of the page.

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