Sometimes!
The longer answer is that PayPal offers this option during their native checkout process, and they don't seem to do it consistently. We have opted in to their Pay Later service in our end, but it is not part of our own website's checkout process as a standalone option. It is likely that they use customer data to decide whether or not to make offers to individual customers in real-time.
Our formal Buy Now, Pay Later partner is Affirm, which can be selected as its own payment gateway on the Sphere + Sundry website 😽
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