Amazon Offers "Bill Me Later"

The world’s leading online retailer Amazon.com announced yesterday (story via RetailWire) that the company was taking a stake in the Bill Me Later payment service and that it would make the payment option available to consumers on its website.

As the name implies, the Bill Me Later service enables customers to make online purchases now and pay for them at a later date. Shoppers click on the Bill Me Later option when checking out. The service asks the shopper for the last four digits of their Social Security number along with date of birth. The service does a quick credit check, okays the purchase and pays the merchant. Shoppers then receive a bill a couple of weeks later and consumers pay through online banking or mail a cheque.

Sooner or later a similar service will emerge in New Zealand, offering delayed payment terms to creditworthy customers. It’s a natural fit for Trade Me, and will make it a lot easier to buy and sell large-ticket items on the site.

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