PayPal is a large, established company with a good customer service history, and it offers other services that you might use, like purchase protection, a debit card, or the PayPal Cashback Mastercard. With PayPal, you have the best chance of sticking with one service provider at most of the places you shop, and you can at least manage those payments together. All this is an extra headache many of us would wish to avoid. Then you have to backtrack through the process, dealing with the shipper, the BNPL app, the bank or credit card you’re using to pay, and the merchant. And just imagine if you have to return an item or it gets lost in the mail. If you shop at a wide variety of stores and deal only with the options at checkout, you might end up engaging with three or four services at a time, with 12 or more different random payment dates.
It would be as if Target only took Visa and Walmart only accepted American Express. The main way that BNPL is different from credit and debit at the moment is that the merchant has to accept it as payment, and most seem to have just one provider, or perhaps two. Why we picked it: Ubiquity matters with Buy Now Pay Later, and you’ll see a lot more of PayPal’s Pay in 4 than you will any other BNPL option because it’ll be a choice wherever PayPal is accepted. 25% down payment, then 3 payments two weeks apart.While BNPL apps offer an inexpensive financing option for some large purchases-think a major appliance like refrigerator or TV-it pays to know what you’re getting into. (The Consumer Financial Protection Bureau launched an investigation into these apps in December.) These hassles are compounded by the fact that BNPL terms are far less standardized than credit cards, leading to confusion and making it harder to track your spending. Most retailers typically only accept one or two BNPL services, so if you regularly use BNPL you’ll need to employ a handful. The best ones we found offer the convenience of a six-week loan and online purchase options for those without access to traditional credit-all without cost if you pay on time.īut there are drawbacks too, especially if you have access to common alternatives like a credit card. Even Apple is getting in on the game, rolling out its own BNPL offering with the latest version of its iOS software.īut which of these services are really worth it? To answer that question we took a close look at half a dozen.
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You can also download them as apps or browser extensions allowing you to use the services at a wider selection of merchants. These wildly popular new services that appear when you check out at most major online retailers typically promise to let you pay for your purchase in four interest-free installments. If you’ve gone shopping online lately you may have noticed a ubiquitous new credit option: Buy now, pay later.
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