PayPal is one of the most popular and trusted online payment platforms in the world, with over 400 million active users. PayPal allows you to send and receive money, shop online, and pay for goods and services with ease and security. But did you know that PayPal also offers a new feature called Pay in 4 in New Zealand?
Pay in 4 is a buy now, pay later (BNPL) service that lets you split your online purchases into four interest-free payments over six weeks. You can use Pay in 4 at any online store that accepts PayPal, as long as your purchase is between $30 and $1500 NZD. Pay in 4 is a great way to manage your budget, enjoy more flexibility, and avoid paying extra fees or interest. Also it’s actual for PayPal casino sites for Kiwis.
In this article, we will explain how Pay in 4 works, what are the benefits and drawbacks of using it, and how to get started with Pay in 4 today.
How does Pay in 4 work?
Pay in 4 is a simple and easy way to spread the cost of your online shopping over time. Here are the steps to use Pay in 4 for your next purchase:
- Choose PayPal as your payment method at checkout and log in to your PayPal account.
- Select Pay in 4 as your payment option and review the payment plan details.
- Confirm your purchase and pay the first installment (25% of the total amount) upfront.
- Pay the remaining three installments (25% each) every two weeks until the balance is paid off.
You can track your payment schedule and manage your installments on your PayPal account or on the PayPal app. You will also receive email reminders before each payment is due.
If you pay on time, you will not incur any fees or interest. However, if you miss a payment, you will be charged a late fee of $10 NZD, and if you miss more than one payment, you will be charged an additional $30 NZD. You can avoid late fees by setting up automatic payments from your bank account or credit card.
What are the benefits of Pay in 4?
Pay in 4 offers many advantages for online shoppers who want more flexibility and control over their spending. Some of the benefits of Pay in 4 are:
- No interest or hidden fees: Unlike some other BNPL services, Pay in 4 does not charge any interest or monthly fees. You only pay what you see at checkout, as long as you pay on time.
- No credit check or application: You don’t need to apply for a new account or undergo a credit check to use Pay in 4. As long as you have an existing Paypal account and meet the eligibility criteria, you can use Pay in 4 instantly.
- No impact on your credit score: Using Pay in 4 does not affect your credit score or credit history, as Paypal does not report your activity to credit bureaus.
- Wide range of merchants: You can use Pay in 4 at any online store that accepts Paypal, which gives you access to millions of merchants worldwide. You can also use Pay in 4 for cross-border purchases, as long as the currency is NZD.
- Paypal buyer protection: When you use Pay in 4, you are covered by Paypal’s buyer protection policy, which means you can get a full refund if your item is not as described, damaged, or never arrives.
What are the drawbacks of Pay in 4?
Pay in 4 is not without its limitations and risks. Some of the drawbacks of Pay in 4 are:
- Late fees: If you fail to pay on time, you will be charged late fees that can add up to $40 NZD per purchase. This can increase your debt and affect your cash flow.
- Spending temptation: Pay in 4 can make it easier to buy things that you don’t need or can’t afford, as you only pay a fraction of the price upfront. This can lead to overspending and financial stress.
- Limited availability: Pay in 4 is only available for online purchases between $30 and $1500 NZD, and only for customers who are at least 18 years old, have a New Zealand billing address, and have a New Zealand bank account or credit card linked to their Paypal account.
- Not accepted everywhere: Not all online stores accept Paypal as a payment method, which means you may not be able to use Pay in 4 for some purchases. You also cannot use Pay in 4 for offline transactions, such as in-store or phone orders.
How to get started with Pay in 4?
If you are interested in trying out Pay in 4 for your next online purchase, here are the steps to get started:
- Create a Paypal account if you don’t have one already. You can sign up for free on the Paypal website or app.
- Link your New Zealand bank account or credit card to your Paypal account. You can do this by logging in to your Paypal account and following the instructions.
- Shop online at any store that accepts Paypal and choose Paypal as your payment method at checkout.
- Select Pay in 4 as your payment option and confirm your purchase.
- Enjoy your purchase and pay the installments on time.
Pay in 4 is a flexible and convenient way to shop online with Paypal. It allows you to split your purchases into four interest-free payments over six weeks, without affecting your credit score or paying extra fees. You can use Pay in 4 at any online store that accepts Paypal, and benefit from Paypal’s buyer protection policy.
However, Pay in 4 also has some drawbacks, such as late fees, spending temptation, limited availability, and not being accepted everywhere. You should use Pay in 4 responsibly and only for purchases that you can afford and need.
If you want to learn more about Pay in 4, you can visit the Paypal website or contact the Paypal customer service team. They will be happy to answer any questions you may have and help you get started with Pay in 4 today.