What is bill me later? How does this work?

I wanna buy an iPhone 5 and this blue thing popped up saying BillMeLater but how do you use it? How does this work? Also I'm at this website called Rakuten.com cause I wanna get an unlocked iPhone 5 since I can't find another website who is selling them.

Added (1). I forgot it says '"Yes, I'd like No Payments for 6 Months on orders over $250!'' so help? Ten Points!

You get the product now but they don't send you a bill until some time in the future for example 6 months BUT be extra careful because almost guaranteed they will charge interest as of the time you order the product. Maybe not but check the small print!

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