Have you seen the Bill Me Later (www.bill-me-later.com so sorry guys, no linkie from me) payment option on any online checkout pages of the retailers you buy from? It's been around for a couple of years. Even way back in 2005 (so long ago...) Business Week appeared to be somewhat taken with the idea.

But you can probably tell from the title and the lack of link love, I'm no big fan.

Their come-on sounds attractive, if you're shopping online at any of their "over 400" participating merchants you can just click the bill-me-later link at checkout time and, just like that, your purchase ships to you. You don't have to pay anything until the bill comes in the mail. Their principal benefit (as they state it): Make your purchase without using your credit or debit card.

It's quite a hook. Evidently the online credit card purchase process is "scary" and cumbersome. The bill me later option only requires the purchaser to enter his or her birthday and the last 4 digits of their SSN to complete the sale.

Does anyone not recognize this as the same old wolf in a different sheep's clothing? Tell me how this is any different from "90 days, same as cash"? Bill-me-later is simply a third-party financing option for retail sales on the web.

I have to admit, it's good marketing. They've taken advantage of the fact that, on the web, a single credit application can be stored centrally and be leveraged across merchants. Anyone who's ever applied for a 90-days same as cash financing option at a retail outlet of any kind knows the paperwork process well. Filing that information only once and reusing it can save online buyers time.

Ah, but at what cost? For one thing, don't miss a payment. Read the fine print, because it's a fair bet if you don't follow their payment plan to the letter you'll end up paying a lot more than "same as cash". You'll also want to stop by your local home improvement store to buy a wheelbarrow to cart in all "free" offers you'll be receiving in the mail. In my experience, when you up for a service like this you also grant permission to be bombarded with marketing offers from anyone and everyone who will pay for the use of your address.