GLOSSARY: Pay in 3 Installments
What is Pay in 3 Installments?
Pay in 3 Installments is the term used to describe a Buy Now Pay Later (BNPL) offering that enables consumers to pay off their purchase in 3 equal payments. It is also known as Pay-in-3 Installments or Split Payments.
Pay in 3 Installments is an alternative to Pay in 4, which allows the consumer to pay their purchase off in 4 equal installments.
Would I pay interest with Pay in 3 Installments?
Consumers typically don’t pay interest on a Pay in 3 BNPL solution, as it comes at 0% APR (Annual Percentage Rate) for the consumer. Rather, the merchant usually covers the cost in the form of a transaction-based fee.
Why do I need a credit card to use Pay in 3 Installments?
Consumers need a credit card to Pay in 3 installments as it serves as the payment vehicle for the split payment option.
Pay in 3 Installments splits the credit card charge into three equal installments, with the first charge or payment made at the point of sale, and the rest due at predetermined intervals, for example, monthly.
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