View Full Version : eLayaway Layaway Payment Module

01-18-2013, 11:03 PM
About eLayaway
eLayaway, Inc. is the leading provider of layaway payment processing technology. The Company’s patent-pending payment system empowers retailers and payment platforms with an automated micro-payments system designed to support layaway, leasing, micro-lending and layaway/credit hybrid programs. Marketing and consumer support is also available, making eLayaway the perfect technology for retailers looking for an autonomous solution. The Company’s innovative application enables consumers to pay for the products and services they desire using manageable periodic payments, thereby making purchases more affordable and easy to budget. eLayaway’s revolutionary payment method allows companies to expand their consumer base to millions of credit-conscious shoppers by providing them with a flexible payment plan that fits their budget. eLayaway markets layaway payment processing and management services directly to online and brick & mortar retailers.

What We Do & How We Do It

Consumer Perspective
eLayaway makes it possible for consumers to pay for the products and services they want using manageable periodic payments thereby making their purchases easier to afford and budget.
When a consumer chooses eLayaway at time of purchase, they set their payment schedule using the patent-pending eLayaway Calculator. Once the payment schedule is created and confirmed by the consumer, payments are automatically deducted from the consumer’s chosen bank account via ACH (Automated Clearing House) or cash payments can be made using MoneyGram® ExpressPayment® Services. Like traditional layaway of the past, delivery of the product or service occurs upon payment in full. Upon successful completion of the payment plan, the merchant fulfills the order. Funds are transferred to the merchant upon confirmation of shipment. Consumers are charged a flat fee between 1.9% and 3.9% on the total purchase amount.

Merchant Perspective
eLayaway gives merchants the ability to secure sales even when a consumer has limited credit or cash available at the time of shopping. The Company’s application is extremely flexible and allows a merchant to define the terms of the layaway, including what products they make available. Orders are easily tracked and projected; giving merchants a true online pre-order mechanism that allows them to manage inventory easier.

Unlike other payment alternatives, eLayaway does not cannibalize a merchant’s existing suite of payment options such as credit cards and credit plans. It is a true alternative that not only helps consumers that have reached their credit limits, but also helps the merchant reach consumers who, before eLayaway, could not transact online. eLayaway also provides marketing opportunities by allowing the merchant to present their offering in a manner that makes items easier to afford.

Merchants are charged a one-time, $99.95 setup fee to integrate the eLayaway Service. Thereafter, merchants are charged a monthly service fee of $14.95 or a 1% transaction fee (whichever is greater) based on the month’s prior completed orders. The costs associated with using or offering eLayaway are less than those associated with using or accepting credit cards or other alternative payment options.

About the Module
The eLayaway Layaway Payment Module for osCommerce allows merchants to quickly install and enabled eLayaway as a payment method for their consumers to choose during checkout. The module is compatible with osCommerce v2.3. For support, please contact eLayaway by phone (877.352.9292 M-F, 9am - 5pm EST) or email ([email protected]). Please visit our site! (http://www.elayaway.com)

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