Deposit and Pickup
- Layaway is a payment plan which allows a consumer to put down a deposit on an item to lay it away for future pickup.
- The shop will keep the item for a predetermined period until the final payment.
- Used in jewelry and department stores where the customer would want an item but does not have enough cash on hand.
Better Consumer Options
- Customers can be assured that the item they reserved will still be available when they make the final payment.
- Presents as a good alternative because of the zero-interest plan and minimal service fee.
- Can change their mind and cancel for a fee without incurring debts.
Broader Audience
- Installment payment plans can help retailers capture customers who might not otherwise make a purchase.
- Helps move expensive products faster.
- Presents lower risk for store owners and promotes customer loyalty even with a higher retail price.
- More store traffic when customers stop by to make periodic payments which will allow them to make smaller purchases.
Features
- Create different deposit types for each payment plan and product
- Track deposit status and drill down to source document
- Allow multiple payments
- Allow cancellation and refund
- Customer portal – coming soon.
- Included as a standard feature.