Online businesses looking to increase sales and order sizes this holiday season should look into Bill Me Later, a service provided by PayPal.
Acquired by PayPal in 2008, Bill Me Later is financing option offered by several e-commerce sites, including Wal-Mart, JetBlue Airways, USPS, and more.
Bill Me Later lets you get paid right away while offering customers free no-interest financing for six months on all purchases of $99 or more. PayPal will also provide you with 18 different types of easy-to-insert banner ads that you can use to highlight the Bill Me Later option on your site.
According to Forrester, 43 percent of Bill Me Later sales are in addition to regular online sales. Offering the payment option boosted order sizes by as much as 75 percent. While it varies depending on your business/product, it’s possible that consumers will be more likely to make bigger purchases, or add a few more items to their online shopping carts using Bill Me Later.
PayPal has tested Bill Me Later with several small merchants and some are reporting larger average purchases through the service. To get started, all you have to do is choose your banner and copy and paste the code on your website.