Since 2008, PayPal Credit–and eight years prior to that with BillMeLater–has built products and tools that provide alternative financial options for millions of consumers.
PayPal Credit, a flexible, open-end, revolving line of credit available as funding instrument in the PayPal wallet has reached a total of $50B in total payment volume (TPV) in the US since the 2008 acquisition of Bill Me Later.
In 2018 alone, PayPal Credit TPV in the US was at nearly $10 billion, and more than $2 billion in November and December combined.
The company’s credit business in Germany and the U.K. also continue to see significant growth year-over-year.
Consumers are increasingly seeking access to non-traditional financial tools. From everyday purchases to emergency expenses, people are taking advantage of alternative options in financial technology.
A recent report from the Federal Reserve estimates that 40% of all Americans are not financially able cover a $400 emergency expense, while nearly 80% of full-time workers in the US have said they live paycheck to paycheck, according to a recent report from CareerBuilder.
PayPal is committed to using their platform to democratize financial services and break down barriers to make it easier for people and businesses to manage their financial lives and pursue their goals.
PayPal Credit is Flexible
PayPal Credit offers a flexible, revolving line of credit available in the PayPal wallet that customers can use again and again at any merchant that accepts PayPal Credit, without the need to reapply for each transaction, bringing in billions of dollars in open to buy to PayPal merchants.
PayPal Credit has become an important tool for millions of people who seek greater financial flexibility and choice.
Fifty-eight percent of US PayPal Credit users surveyed say it helps them make purchases they wouldn’t have been able to otherwise afford. And 78% say being able to pay for purchases over time makes it possible to buy the items they need today.
These statistics aren’t just numbers, they represent individuals and families looking for alternative financial options, potentially during moments of uncertainty or just for everyday needs.
PayPal Credit customers always can leverage promotional no interest offer on purchases of $99 or more if paid in full in 6 months.
Also, PayPal Credit customers have access to Easy Payments offer that allows customers of participating merchants to make payments over time, in substantially equal monthly payments.
Do you accept PayPal on your site and do you advertise the PayPal credit option to try to raise your sales? Please use the comments section below or head over to our Facebook Group for Small Business Sellers and interact with other small business owners.