The Wall Street Journal is reporting today that Internet auction site eBay Inc. is going to start offering financing to customers would can’t afford to pay for items they’ve purchased on eBay. The financing would be provided with credit issued by General Electric Co.’s consumer-credit arm.
Is eBay really hurting that much - or is this just a good business idea?? The financing will be offered by PayPal, also owned by eBay, and the service would be called PayPal Pay Later. No word on when this service will be officially rolled out.
“With the expanded service, eBay shoppers who can’t pay for an item up front can fill out an online application for PayPal Pay Later, giving them instant access to credit.
“The Pay Later purchases will be processed just like current PayPal purchases, with the same fee structure. PayPal Pay Later was already an option at other Internet commerce sites using PayPal.
“According to an eBay spokesman, GE Money will be on the hook for any potential credit losses.”
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