PayPal has become a very practical way to pay online without having to leave your bank card number everywhere. What you may not know is that it also allows you to pay in installments, did you know? Do you know how to pay in installments with PayPal?
If you haven't already done it, and you'd like to know how to do it, then we'll talk about it, both paying in 3 PayPal payments and recurring payments that allow you to buy something in installments. Go for it?
What is payment in installments
Before we focus directly on PayPal, you should understand well what payment in installments means. It is a term (and concept) that we use very often, but sometimes explaining it is not so easy. Payment in installments is a form of financing that allows you to acquire high-cost goods and services by paying a fixed amount in installments over a determined period of time.
In other words, instead of paying the full price of a good or service at one time, what is done is that the cost is divided into several equal and regular installments. These can be monthly, quarterly or yearly., depending on the conditions agreed between the buyer and the seller.
Payment in installments is used mainly for the purchase of goods such as automobiles, household appliances, furniture, and electronic equipment, as well as for the contracting services such as education or medical care.
Now, although it does not always happen, in most cases using payment in installments implies that you also have to bear interest and other charges for spreading the total payment over time. And that sometimes means that what you buy can be more expensive by paying in installments than if you bought it in one go.
What is PayPal installment payment?
And now, We go directly to what would be the payment in installments of PayPal. You have to understand it as a service that allows buyers to pay for their purchases in installments, instead of paying the full price at once. This service is available to buyers making eligible purchases through PayPal, and is subject to buyer credit approval. But you should know that this cannot always be achieved.
Payment in installments by PayPal offers the flexibility to pay in installments over a set period of time, which can be useful for those who want to make large purchases, but cannot pay the full price at once. Buyers can select the installment payment option on the PayPal checkout screen at checkout.
PayPal works with a third-party financing provider to offer the installment payment service, and the terms and conditions may vary depending on the provider and the buyer. Specific, in the payment in 3 installments, you would not have interest.
Although the PayPal website offers us payment in 3 installments, in reality, several installments can be applied. For example, you can agree with the seller to pay in 3, 6, 8, 10, 12 or even 14 months. However, it is a payment in installments different from the one we are discussing right now.
How to make installment payments in PayPal
Do you want to pay in installments with PayPal? Know that it is not always possible to do so; Sometimes it has to be specified in the store where you are going to pay with PayPal, or this option has to appear at the time of payment in PayPal.
Be that as it may, the steps, if it works for you, would be the following:
- Select a store that accepts payments in installments with PayPal: Not all stores offer the option to pay in installments with PayPal, so be sure to look for stores that offer this option. And even offering them, sometimes it doesn't work, be careful.
- Add the products to your cart: Put the products you want to buy in the shopping cart and proceed to the payment screen.
- Select the payment option in installments: On the checkout screen, look for the PayPal installment payment option. If it is an available option, you will see the option to “Pay in 3 installments”. If it does not appear in the store, perhaps when confirming the payment in PayPal, at the bottom, it does appear.
- Provide the necessary information: Next, you will have to provide basic information, such as your date of birth, your phone number, and some financial details, such as your social security or personal identification number (depending on the country where you are) and the number of your bank account.
- Review and accept the terms and conditions: Be sure to read the terms and conditions of your financing agreement carefully before accepting it. Although in general the payment in 3 installments does not carry interest and you will not have a problem, it does not hurt that you read the fine print.
- Confirm the purchase: Once you have accepted the terms and conditions of the financing contract, you can confirm the purchase and you will receive the products. Actually, PayPal makes the full payment to the store, but then it deducts part of what he has paid.
Can payments be made in more installments?
One of the questions that we have answered before, but we have not gone into them too much, is if we can pay something in more than 3 payments. And the truth is that yes. For example, a Netflix subscription, or a recurring payment for training can be made with a regular payment for x time (or permanent until you cancel it).
In this case, you have to agree with the seller, or the subscription. And, when the first amount is made, a recurring payment is automatically created. That is to say, that during x months, or x monthly installments, an amount will be generated for that amount. And to cancel it, if it is a subscription, simply cancel the subscription so that PayPal stops paying.
In the event that it is a payment of x installments, it will be automatically canceled when the last one is reached. In fact, you receive an email with the payment of that term and immediately another with the end of the payments.
Do you have any questions about how to pay in installments with PayPal? Put it in comments and we will try to help you.