Bill Me Later Research Paper

Bill Me Later
Definition and history
Bill Me Later is a credit payment option that replaces a credit card when making online purchases. It can also be defined as one of the payment options given to online consumers by online retailers.
Gary Marino created “Bill Me Later” after having a discussion with his friend Mark Brito, who was back then an executive of Amazon. The service launched in 2000 on AOL only, in 2001 it re-engineered and relaunched with the new concept in general purpose merchants. In 2006 Bill Me Later annual revenue was $54 million, part of this success was due to its low cost of operation and the acquisition of 3 million customers. Not only 80% of its clients were paying their bills online, the company was paying less than 6 % on average per account in advertising.
In November of 2008 Marino sold Bill Me Later to

How Bill Me Later works
Bill Me Later is like a credit card account. An online application is necessary and it is subject to approval.
Comenity Capital Bank is the official lender of Bill Me Later. Your credit profile is reviewed to determine the credit line limit. Once you submit your personal information, you get an answer immediately and the payment service can be used right away, if approved. When you choose Bill Me Later at check out, you are always asked to type your day, month and year of birth plus the last four digits of your social security number. Once the purchase has been completed Bill Me Later company will immediately pay the merchant for the total amount of your purchase.
Like any credit card account, you will receive a monthly statement from Comenity Capital One Bank (Bill Me Later lender). The statement will list all your online purchases, the interest rate, minimum payment and due date payment. All purchases made within the same statement cycle will be listed, regardless the websites you purchased