Press release
PayPal Credit Extends Online Promotional Financing for Lower Cost Purchases
SAN JOSE, Calif., Sept. 18, 2019 /PRNewswire/ -- PayPal Credit is enhancing its promotional financing offering to purchases starting at $30, making it
About this update from Paypal Holdings, Inc.
[{"type":"text","content":"SAN JOSE, Calif., Sept. 18, 2019 /PRNewswire/ -- PayPal Credit is enhancing its promotional financing offering to purchases starting at $30, making it possible for more retailers to now tap into the millions of consumers in the U.S. who already use PayPal Credit.\n\n \nTo help more retailers attract more customers and drive sales this holiday season, PayPal Credit is extending its promotional financing offering to purchases starting at $30 for the first time. Retailers will be able to offer 3 month Easy Payments at 0% APR on purchases of $30 and above with no down payment, and the retailer gets paid up front (See terms). PayPal Credit is providing an easy integration with a singular line of code that will allow merchants to promote the offer across their online storefronts. When consumers use this new offer from PayPal Credit, the merchant gets paid in full, and PayPal Credit manages the consumer's digital, reusable credit line. In partnership with Synchrony Bank, the company is piloting this offer during the holiday season, with the intent to expand rollout in 2020. \nOnline purchase financing has become an important tool for consumers looking to buy now and pay over time. This is especially true during the holiday season, where U.S. consumer holiday spending has historically increased1. Mobile shopping eclipsed desktop shopping for the first time in the 2018 holiday season2, while data from PayPal revealed that 80% of PayPal Credit transactions are under $99, even without a special financing offer3.\nWith 45% of PayPal Credit volume on mobile, consumers are looking for seamless, mobile-first financing options for purchases at increasingly lower ticket sizes4.\nFor merchants, PayPal Credit helps drive higher sales, increase average order volume, and improve customer loyalty. When businesses add the PayPal Credit button at checkout, retailers see an average 15 percent increase in incremental sales, starting within the first 3 months5 and 56 percent of the 2000 users surveyed say they are more likely to shop at a retailer again if they offer PayPal Credit.6\n\"PayPal Credit has created a culture of empowered shoppers. Shoppers do not need to apply for a new credit line each time they use PayPal Credit, they only need to apply once. In fact, unlike one-time use installments products, 90 percent of PayPal Credit spend is made by ex...