Years ago most retail stores had a layaway option. This simply meant you could make installment payments on an item you wanted to purchase but lacked the funds to buy the item with one single payment. For various reasons many stores dropped layaway as a consumer option but in recent years it has seen a resurgence in popularity.
In fact ELayaway is a company formed to enable any retailer to implement a cloud based layaway program. This kind of program must include an ACH collection component in order to maximize personnel and financial efficiency.
The question is: Can your business benefit from a “layaway” program and can you implement at little cost? As you may have surmised we think the answer is yes.
Using an Automated Payment process your business can offer payment plans for services and products. For example let’s say you are a lawyer and your fee for will preparation is $600. For many $600 is a lot of money even if they know they need that protection.but what about saying “4 monthly payments of $150” or something similar. Your business gains access to a whole new potential customer base and you know completely distinguish yourself from your competition.
On the back end it literally can take you but a minute to set up a payment plan to debit that customer at a pre-determined date via ACH or credit card payment. Reporting tools make it easy to stay on top of payments received.
So consider the benfeits of your own “Layaway” program for you business. There are MANY ways to make automated payment processing work to make your business more profitable.