GLOSSARY: Pay in 4
What does the term ‘Pay in 4’ mean?
Pay in 4 is a Buy Now Pay Later (BNPL) term, which refers to splitting a payment into four equal, usually interest-free, installments. It is also known as Pay in 4 installments or Split Payments.
A Pay in 4 payment feature generally doesn’t affect a consumer’s credit score and isn’t subject to the same credit checks as with a longer-term consumer financing product. The consumer simply needs to add a credit card or a virtual card to serve as the payment vehicle. Instead of incurring a single credit charge at the point of purchase, the shopper will be able to split the payments into four.
When is the first payment due for Pay in 4?
The initial payment, or first payment, is paid immediately at the time of purchase, and the 3 subsequent payments are due at pre-specified intervals thereafter, typically every 2 weeks.
Can the Pay in 4 feature be used online and in-store?
Pay in 4 is usually available for online purchases as well as for in-store and telesales purchases.
It appears as a payment option at checkout. Once the shopper selects this payment option, they will be directed through the Pay in 4 flow, requiring them to add their credit card and confirm their payment plan
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