eBay Pays Now for Bill Me Later
Monday, November 10, 2008
Auctioneer Closes Deal for Online Payment Processor
The deal is done. On Friday, eBay announced that it had closed its $945 million deal to purchase Bill Me Later, the online payment processor used by many retailers. Ironically, eBay mostly has to pay now for Bill Me Later, coughing up $820 million in cash with the remaining $125 million coming from outstanding options.
The consummation of the deal, which was first announced October 6th, comes just a day after the Federal Trade Commission gave its approval.
The company's service allows online shoppers to make purchases without entering a credit card number. Bill Me Later's technology does an instantaneous credit check to approve or deny a sale, and, if the transaction is OK'd, the company issues the consumer a loan and is paid back with interest, according to BizJournals.com.
The deal is done. On Friday, eBay announced that it had closed its $945 million deal to purchase Bill Me Later, the online payment processor used by many retailers. Ironically, eBay mostly has to pay now for Bill Me Later, coughing up $820 million in cash with the remaining $125 million coming from outstanding options.
The consummation of the deal, which was first announced October 6th, comes just a day after the Federal Trade Commission gave its approval.
The company's service allows online shoppers to make purchases without entering a credit card number. Bill Me Later's technology does an instantaneous credit check to approve or deny a sale, and, if the transaction is OK'd, the company issues the consumer a loan and is paid back with interest, according to BizJournals.com.
posted by Chris and Frank at 10:00 AM
0 Comments:
Post a Comment