Delayed payment: the
modest fruit of capitalism
Amazon has taken an equity stake in BillMeLater, reports TechCrunch.
BillMeLater allows users to buy items at over 700 websites, including the Apple Store, Overstock, and Walmart.com, on a delayed billing basis. Amazon will soon offer the service as well.
As a risk management precaution, BillMeLater asks users to enter birthdates and the last four digits of their social security numbers to perform an instant credit check.
A competitor of PayPal's Pay Later service, BillMeLater has had 3 million sign-ups and may earn $100 million in revenues this year.
Though it's certainly a risky business, the service is an attractive alternative to those concerned about online credit card theft — or who simply don't like handing the cash over now.
