New service lets people buy online without a credit card

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The Bill Me Later service requires customers to click on an icon, and give their name, address, birthday and the last four digits of their Social Security number. They will get a bill in the mail at a later date.

Original source:
http://wcco.com/local/local_story_362144446.html

Summary:

• Even though shoppers spent $19 billion online during the holiday season, many people are apprehensive about punching in their credit card numbers to make purchases.
• A new alternative allows people to buy now and pay later -- without the use of a credit card.
• Renee Frustaci considers herself an online shopping junkie, especially now that she can buy without giving out her credit card number.
• "I use it almost every time that it's available."
• The service is called Bill Me Later.
• Sites that offer the Bill Me Later function will have an icon on the pay page.
• Consumers can click on the icon, which will then ask for their name, address, birthday and the last four digits of their Social Security number.
• The reason why Bill Me Later uses birthday and Social Security numbers is to run an instant credit check before a consumer's first purchase.
• "There's no lengthy application to fill out," explained Vince Talbert with I4 Commerce.
• Talbert said shoppers get a bill in the mail that can be paid off at once, or a payment plan can be set up.
• More than 200 retailers, including PETCO, Continental Airlines and Wal-Mart, are using the service.
• Talbert said more retailers are joining the network.
• "This is a no-risk proposition," said Lauren Freedman, an e-tail expert.
• "The whole notion of alternative payments is really growing as an industry," Freedman said.
• "We knew consumers weren't satisfied with traditional payment options online," Talbert said.
• Research by I4 Commerce showed 64 percent of shoppers said they would be willing to buy online if they could avoid using their credit card numbers.
• "Your information isn't just floating out there," she said, adding she plans to use the service whenever possible.

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