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Press Summary

eLayaway 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 customer support is also available, making eLayaway the perfect technology for retailers looking for an autonomous solution. Implementation costs to integrate eLayaway are minimal and ongoing transaction fees are far less than credit cards processing fees. eLayaway enables consumers to pay for the products and services they desire using manageable periodic payments, thereby making purchases affordable and easy to budget.

eLayaway, Inc. was founded in 2005. In addition to eLayaway.com, the Company also owns and operates eLayawaySports.com, eLayawayTravel.com and eLayawayHealth.com.

How it works

Pay over time. Similar to traditional layaway, eLayaway lets shoppers buy a product online and pay for it in regular automatic installments, with delivery upon full payment.

Set the schedule. Since shoppers set their own payment schedule and amounts, every purchase can be tailored to fit an individual's budget and lifestyle.

Shop with trusted merchants. Shoppers can use eLayaway with participating merchants just as they would any other payment option. It's as simple as selecting eLayaway as your payment option during checkout! Shoppers are also able to access merchants at the eLayaway online storefront for easy shopping.

Benefits for the merchant

Flat transaction fees. Unlike traditional payment processors, eLayaway keeps costs low for merchants. Regardless of how much you transact, your costs will be capped so your bottom line will not be eaten by transaction fees.

New customers. With over 40% of households spending more than they earn each year and more than 25% of Americans exceeding their credit limit, eLayaway gives merchants access to shoppers who might otherwise have more limited purchasing options.

More sales from existing customers. Letting customers pay over time with eLayaway rather than relying on credit gives them another option for making purchases without tying up credit limits or paying high interest credit card fees. It also gives smart shoppers the option to plan purchases for items they want in the future, without hefty finance charges. This provides the consumer with a hook to close deals out of season. 95% of consumers agree that they would be more likely to make a purchase, given layaway was provided as a payment option.*

Access to marketing data. By offering eLayaway as a payment option, merchants gain access to volumes of market analytics that can be used to improve sales and sharpen marketing efforts.

Flexibility. Our system is extremely flexible, allowing your company to define the layaway terms, including what products you make available on eLayaway.

Benefits for the consumer

No credit checks or special qualification. Prior credit problems often keep consumers from getting a credit card and paying for purchases over time. eLayaway does not preform credit checks, and anyone 18 years or older can participate.

Payment flexibility. Payments are automatically withdrawn from the registered bank account or prepaid debit card based on the dates set by the member. Payment dates can be adjusted throughout the layaway, allowing for more flexibility to receive the item sooner. Likewise, if members are having trouble making their scheduled payments, they can always delay a future payment without penalty.

More buying power. Members are given the opportunity to pay for products over time with minimal fees. eLayaway offers an alternative for consumers to make purchases without tying up credit or subjecting themselves to high-interest credit card fees.

A tool for planning ahead. Smart shoppers can use eLayaway to plan ahead and pay over time for products they want in the future. Whether it's electronics, travel, or even sports season tickets, eLayaway lets shoppers plan ahead and buy the items they want, on their terms.

Freedom from credit cards. For consumers who are near or beyond their credit limit or those who simply want to avoid high interest credit card fees, eLayaway is a the smart choice for making purchases over time.

No hidden charges or mounting interest. eLayaway makes shopping painless by eliminating hidden charges and monthly interest fees. Customers pay a one-time flat transaction fee as low as 3.9% on the total purchase price no matter which payment schedule they choose.

No risk. Customers have the right to cancel their purchase at any time and will receive a refund less a standard cancellation fee of $25 or 10% of the total item purchase price (whichever is less).

Security

Trusted partners. eLayaway has partnered with trusted experts like HSBC, ControlScan and IDology to ensure the security and integrity of every transaction.

Protecting consumers' identities. Identity verification measures are integrated into the eLayaway system to prevent fraudulent purchases. Additionally, eLayaway has contracted with ShredIt to destroy internal documents.

Maximum accountability. To ensure full accountability, all eLayaway payments are stored in a separate holding accounts until the transaction is completed.

Keeping data safe from hackers. The eLayaway payment module has built-in 256-bit SSL encryption to keep transaction data secure. Additionally, eLayaway has partnered with ControlScan who tests the site weekly for vulnerability.

eLayaway is for everyone!

Planning ahead. For consumers who want to avoid the cycle of debt and plan for the future, eLayaway is a tool that helps keep spending on track with larger financial goals.

Shopping smart. For consumers who want to pay over time for the products they want in the future, eLayaway puts shopping on their schedule.

Getting back on track. For consumers with overextended credit, eLayaway provides an opportunity to reign in excess credit card debt, while still buying the products that they want.

*A recent 2010 survey conducted by eLayaway found that 95% of all people surveyed felt they would be more likely to make a purchase, given layaway was provided as a payment option.