Why Your Business Should Offer A Layaway Program

Posted on: 11 May 2020

If you own a small retail business, you owe it to yourself to start a layaway plan. You may think that layaway plans are a thing of the past, but that's not the case. Layaway plans provide opportunities that you might not have thought about. Here are just four of the reasons why you need to offer layaway plans at your place of business. 

Provide Interest-Free Shopping

If you haven't implemented a layaway program, now's the time to do that. Many people try to avoid credit purchases, especially when interest rates are high. Layaway programs allow customers to avoid high interest-rate purchases. They also let them purchase the items they need without credit restrictions. These programs give your customers the ability to pay for their purchases a little at a time, without the extra cost of interest. 

Give Customers Increased Incentives

If your business has suffered due to community shutdowns, you need to find a way to increase your revenue. It may be a while before customers have the money to make big-item purchases. That's where layaway programs come into the picture. Your customers can place a small downpayment on their layaway. Once they have their layaway opened, they can make small payments to your store. The added layaway incentive will bring more customers into your store.

Improve Online Shopping Options

If your store is closed for business right now, you need to open a new revenue stream. One way to do that is through an online layaway program. An online layaway program allows you to remain open for business without actually opening your doors. Customers can shop through your inventory and place their desired purchases on layaway. They can pay off their purchases while your store is closed for business. Once the economy opens back up, and you're cleared for business, your customers can pick up their purchases. As an added benefit, you can offer shipping for layaways that get paid off before your store is open for business again. 

Get a Head Start of Holiday Sales

If you want to get your share of the holiday spending, start a layaway program in your store. Layaway programs allow holiday shoppers to pay for their gifts over time. Not only does that clear up their budget, but it also allows them to increase their gift-giving. Unfortunately, most stores no longer offer layaway programs. You can increase your holiday sales by providing a layaway service to your customers.

Consider layaway payments for sellers for your business.