The current sagging economy is having an impact on the way that people will be paying for retail purchases. Faced with increases in both credit card minimums and interest rates from credit card companies, many consumers will be using layaway plans to pay for their purchases, in cash installments, for the holidays and beyond.
According to Robert Channick, in an article which appeared in the Chicago Tribune, Toys R Us has joined a growing list of retailers who are reviving this once-popular payment plan to boost sales during the holidays. Their plan allows customers to finance a variety of big ticket items without accruing interest charges. A 20% deposit is required and a $10 service fee. Payments must be completed by December 6, and there is a cancellation fee for rescinded orders.
Some retailers are offering on-line layaway plans, which allow customers to extend payments for an average of six to eight months, after an initial first payment and a percent transaction fee.
For consumers who can't qualify for a credit card, or don't want to increase their credit card debt, layaway plans are a plausible option. For retailers, it's a way to save sales that might not have happened.
Does your POS System accommodate layaways? Our CounterPoint SQL Software does! We can help you with your questions and solutions. Call us at 425-672-4806 or email us.
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