PayPal has launched its new ‘Pay in 3’ instalment solution in the UK, and Crew Clothing is one of the major retailers that is now using the system.
Many retailers now offer a payment instalment option, which is normally arranged through a finance company. However, customers are usually charged interest if they choose to pay each month. Alternately, customers can use a credit card that they pay off monthly, but in doing so are also charged interest if they do not pay the full amount at the end of the month.
The PayPal Pay in 3 system allows the customer to split their payment into three equal instalments, with no interest charged. PayPal is offering this solution for Crew Clothing orders between £45 and £2,000. It will give approval decisions within seconds to make the checkout process quick, and all purchases through PayPal are covered by its buyer protection scheme.
PayPal launched the scheme in the USA in September 2020. In America, most workers get paid fortnightly, with ‘Pay in 4’ covering four paydays. As British workers are generally paid monthly, PayPal adapted the scheme to cover three monthly payments.
The coronavirus crisis has caused many clothing retailers to struggle financially. To keep afloat, Crew Clothing and other retailers have expanded their online retailing operations. This has meant offering more clothing lines and adapting their warehouses for online sales with extra heavy duty garment rails. Retailers now offer a variety of ways for customers to pay for orders, including major credit cards and PayPal.
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