PayPal Pay Later - The PayPal Pay Later function
If you use CopeCart as a vendor and would like to offer your customers a flexible payment option, then the PayPal payment option may be of interest to you, because customers with a good credit rating can use PayPal Pay Later, the later payment function.
In this case, customers are given the opportunity to pay the purchase amount at a later date or in installments. However, to CopeCart the purchase price is paid immediately. This allows a faster payment to you (please note here also the payout intervals of CopeCart).
How does PayPal Pay Later work for vendors through CopeCart?
When a customer decides to purchase your products through CopeCart and chooses the PayPal payment option, there is a possibility that the customer will be offered PayPal Pay Later. This option allows the customer to pay the amount at a later date or in installments, while PayPal pays the full purchase amount to CopeCart in advance.
Therefore, you will receive the total amount of the order directly and on time, according to the CopeCart payout intervals.
How do I set up PayPal Pay Later?
If you want to sell in the US and consider PayPal Pay Later as a payment method
there are some important steps to follow.
Set up product: You can activate the PayPal payment method on the products of your choice. These products will then have the PayPal Pay Later option. More about this in the next point.
Only for one-time payment: The PayPal Pay Later option will only be available for one-time payments. This means that for installment payments, this option cannot be selected.
Checkout: The PayPal Pay Later option will only be visible on the checkout for buyers from the US. Buyers from other countries will not see this option on the checkout, but they will be able to select PayPal Pay Later in the confirmation screen at PayPal during checkout.
Advantages of PayPal Pay Later: The payment options vary on the country where PayPal later is available. Find more details about the payment options in every region here: https://developer.paypal.com/docs/checkout/pay-later/us/
Fraud Protection: To protect your products from fraudulent use, CopeCart has integrated security measures into the checkout. If more than 5 purchase attempts are detected from a single IP address, this IP address will be blocked for 24 hours.
Pay Later Options for U.S. Customers:
Pay in 4: This interest-free installment option allows customers to divide their purchase into four equal payments. The first payment is due at the time of purchase, with the remaining three payments scheduled every 15 days. This option is available for eligible cart values ranging from $30 to $1,500.
Pay Monthly: Customers can opt for monthly payments with varying interest rates (APRs). A decision on the application is provided within seconds. This option is available for eligible cart values ranging from $199 to $10,000.
Find more details here: Pay Later options for US customers.
Other countries may experience different offers, depending on PayPal's terms and availability in the buyer's country. Currently, Pay Later is available only in the US, Germany, Australia, France, Italy, Spain and the UK.
Credit check and approval
Before the customer can use PayPal Pay Later, PayPal performs a credit check to ensure that the customer is able to make the installment payments.
This credit check is performed independently of you as a Vendor and does not affect the order process through CopeCart. Please note that PayPal Pay Later approval is not a guarantee of the customer's ability to pay.
Also, CopeCart does not influence this check and its result.
Payment processing
Once the customer has been approved for PayPal Pay Later and selects the payment at a later date or the installment payment option, payment processing will proceed as follows: PayPal will pay CopeCart the full purchase amount in advance.
The payment to you as a vendor is made as usual in the payment interval 80/20.
The customer, on the other hand, has the option to repay the total amount to PayPal in installments.
Benefits for you as a Vendor
The integration of PayPal Pay Later into your sales processing via CopeCart offers you as a vendor several advantages. By paying out the full purchase amount from PayPal ahead of time, you receive your money promptly without having to wait for the customer to pay in installments.
This improves your liquidity and enables a smooth processing of orders.
Summary
PayPal Pay Later is an option that allows customers to pay the purchase amount at a later date or in installments, while you, as a vendor through CopeCart, receive full payment with the first payment, according to the CopeCart payout interval*.
The credit check is performed by PayPal, and the approval is not a guarantee of the customer's ability to pay. Using PayPal Pay Later can provide financial benefits to you as a Vendor and make payment processing easier.
* Copecart will transfer 80% of the amount to you on the next possible payment date (at least 14 days after successful order).
For security reasons, the remaining 20% will be transferred to you after 40 days.
Special Feature on Your Checkout Pages:
If you want to display Pay Later by PayPal as an alternative payment option on your checkout pages, please contact our support team to have this feature enabled on your account. Once activated, your checkout pages will be updated to look like this:
For further questions, please contact our support team at support-us@copecart.com.
Best regards
Your CopeCart US Team