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DO YOU THINK, A ONLINE AUCTION SITE CAN BE SUCCESSFUL TO HAVE "BUY NOW PAY LATER" OPTION FOR CUSTOMERS?

Please Help. Basically i am looking to write a New Auction Site like ebay to accepte another new feature which have got "BUY NOW PAY LATER" option for customers, but before i want to start this application , whichs takes around 2 years to complete this projects, i want to know whether is it would be a successful or do you think not? example i have got an iphone 4 (BID NOW) prices £200,this bid is continue (BUY NOW) price £400, (BUY NOW PAY LATER), price £470, this ( BUY NOW PAY LATER ) ANOTHER NEW FEATURE I WOULD LIKE TO ADD IN MY ONLINE AUCTION SITE, BUD DON'T KNOW WHETHER IT COULD BE SUCCESSFUL OR NOT. I know ebay has got the two features already which is bid now and buy now, bud i don't think they have got buy now pay later, features, which i like to add this one on my new auciton site soon, but i need a advice whether it could be successfu or not. So far i think it could be successful, because if you look at the bank policy at the moment, that they are sooooooooooo gready to give loan so poor customers who is credits score is not the top level. plz help

Public Comments

1. you can buy now on ebay, and pay after a certain amont of days. you dont get the item untill you've paid for it. i dont think the feature would be used much, especially for the price increase. i cant see any normal seller sending an item and not being paid. it would probably work if the buyer had a good feedback rating and a certain amount of feedback, like 100 positive feedback before they could access the buy now and pay later feature, or even a monthly/weekly payment plan.
2. The only way I could see this working is for your auction company to immediately pay the seller and then take the responsibility for collecting from the buyer when the bill becomes due. You would probably need a good bit of money up front to get started with this since you would be paying out to the sellers but not getting the income for a while. You would also have to get a good idea of how many people wouldn't pay and figure out what it will cost to go after these people for the payment.
3. Unfortunately I don't think buy now, pay later would be successful. A seller will not send a bought item until they've been paid. That means they either have to trust a fairly anonymous end buyer, which they won't (buyer gives temporary address, gets goods, leaves without paying). Or they have to be paid by you immediately, so you have to trust both the buyer and seller, which you won't (buyer orders good, seller agrees to sell, you send cash, seller leaves with your cash and without delivering goods). In any case there is a simpler way to work buy now, pay later: use a credit card. You can already do that with eBay. Obviously not everyone can get a credit card, however despite a great deal of evidence to the contrary, the banks do largely know what they're doing.