Paymen Gateway 101: Bill Me Later , Review, Fee Structure, Setup Details & More

How Bill Me Later Works

A customer selects Bill Me Later during the checkout process at your site, similar to selecting the option to pay via Visa or MasterCard.

Ø    If it is the first time a customer has used Bill Me Later, they are presented with terms and conditions, and asked for date of birth and the last 4 digits of their social security number.

Ø   Once terms are agreed to, checkout continues as usual.

Ø   A real-time credit decision is made and the consumer is notified within 3-5 seconds.

Ø   On subsequent purchases, the customer simply chooses Bill MeLater, a real-time credit decision is made, and the customer is notified within 3-5 seconds.

Ø   In rare circumstances, additional verification steps are applied.

Ø   After completion of the first purchase, a welcome email is sent byBill Me Later. This email contains a secure link for login to the selfservice website, as well as a user ID for the customer.

Ø   Your customer typically receives a bill (sent by I4 Commerce) in their mailbox within fifteen days of the settlement posting to the customer's account. The due date for this bill is 25 days from the date the bill is rendered.

Ø  You submit the transaction for settlement upon shipment of goods or rendering the service—just as you do with a credit card purchase. Funding is received within the same timeframe as that of a purchase made with a credit card.

 
Bill Me Later Set up requirement

Ø   Merchant set up 12 months previous financial data as it relates to your B2C and B2B ecommerce websites, call centers and brick and mortar stores. This includes annual volumes and average order values.*

Ø   Chargeback and return rates

Ø   Technical information such as bankcard processor, 3rd party gateways, and ecommerce sales platform provider

Ø   Affiliate Provider Information (If Applicable)

Ø   Knowledge if your company is the merchant of record * CIT Bank will review and consider the credit report and other credit related information prior to approval. Creditworthiness is determined by CIT Bank.

Fee Schedule

1.5% + $0.25 / per payment