PayPal’s newest buy now, pay later service has arrived in Australia, introducing a stress-free payment option to hundreds of thousands of merchants across Australia. Much similar to other buy now, pay later services such as Afterpay and Zip Pay, Pay in 4 is literally that – pay off your purchase in 4 interest-free instalments instead of the full amount upfront.
How does Pay in 4 work?
Pay in 4 allows customers to split eligible purchases ranging from $30 to $1500 into four equal, interest-free instalments. Pay your first instalment at the time of purchase, from here, the remaining three instalments are required to be paid every two weeks. These transactions will be automatically withdrawn from your account, so it is important to ensure the correct funds are available. Essentially, you have six weeks to completely pay off your purchase!
How do I know if I am eligible to use Pay in 4?
According to PayPal, Pay in 4 will be available for customers with “accounts in good standing, subject to eligibility criteria and suitability checks.” If you choose Pay in 4 as your payment method at checkout, you will be taken through the application process which will give you an instant result. However, not everyone may be approved based on internal checks. You must read the Pay in 4 Contract for all Pay in 4 pans before submitting your application for eligibility. Once eligible, you will be able to select PayPal as your payment method, then Pay in 4 will appear at checkout as your payment option. You must also be an AU resident and have a PayPal account.
What is different about Pay In 4?
Pay in 4 is similar to the likes of its ‘buy now, pay later’ family, however, has a few differences that’ll work to please Aussie shoppers. Firstly, PayPal’s Buyer Protection continues to apply to transactions made using Pay in 4, giving shoppers peace of mind when using the feature. If an item doesn’t arrive, PayPal can refund the full purchase price as well as any delivery fees. PayPal Pay in 4 does not charge late fees. This is a huge win and creates a stress-free shopping experience!
At the time of purchase, you will pay your first installment at checkout. The remaining three payments will then be deducted from the payment method that was provided at the time of your application. You can view how much is owing by logging into your PayPal account and click into Pay in 4. The amount will be under ‘remaining’.
Can I make extra, unscheduled, or full payment?
Yes! This can be done by logging into your PayPal account, choose the Pay In 4 plan you want to pay and click into Make a Payment.
What if I can’t make my repayments?
If you are unable to make a repayment, it is important to get into contact with PayPal before your payments are overdue. Contact PayPal in advance to discuss your options.
You can still apply for a full or partial refund for your purchase, when using Pay in 4. According to legal rights and/or refund policy, you are allowed to apply for a refund on your items. Partial refunds will lower the amount that you owe for the remaining repayments left to pay.