Bill Me Later recently got acquired by eBay for $945 million of which $800 million was provided in cash. It is only available in America and is good if you can’t afford the item at the time of purchase as you get a certain number of days before you need to pay. It is a unique system for non-SMS payments as it does not require people to sign up and does a credit check on you in three seconds to determine whether you are worth the risk, all you have to do is enter your birth date and last four digits of your social security number. Bill Me Later pays the merchant, and sends you a bill in the mail which usually needs to be paid within 30 days to avoid additional fees.
Bill Me Later is selective when choosing who can use their system and although they claim they are cheaper than credit cards you might have to be a decent sized company selling in the US to be able to use their service. They ask for details such as 12 month of financials for your company, current charge back rates, and technical information about your current merchant and gateway providers.
Bill Me Later is not much good for small to medium businesses or those who have sales outside the states. It is a good concept though and it will be interesting to see how this payment system progresses.