eLayaway Boasts 5,176-percent Increase in Transactions YTD During Cyber Week
Tallahassee, FL – December 5, 2007 – eLayaway.com announced today that its total gross dollar transactions increased 5,176-percent Year-to-Date (YTD) and new shopper’s registrations rates increased 1,511-percent YTD due in part to an explosive demand for the company’s alternative payment method during “Cyber Week”, the Nov. 24-30 week deemed most important in the eCommerce world.
Total registered shopper’s membership, marked by those who registered for the eLayaway.com payment option at the company’s website was up 67-percent from the previous week (Nov. 17-23), while merchants registering to court the eLayaway shopper by offering the payment option on their website increased by 37-percent for the same time-period comparison.
“How can you not be excited about growth like this,” said Matthew Ryncarz, the 25-year old President and Co-Founder of the Tallahassee-based eLayaway. “Shoppers are clearly seeking a payment option that allows them to set the terms of their purchase without accruing debt, and for the merchants offering the eLayaway payment option upon check out, they will continue to expand their business in a credit-crunched economy.”
With all economic indicators pointing towards a consumer credit crunch, Wal-Mart and other big retailers including military base exchanges have done away with traditional layaway services making a cost-saving and inventory reducing measure that will in fact alienate many Americans and eventually dampen sales as credit becomes scarce.
“Our growth has been driven by the consumer who still wishes to transact in traditional layaway terms with our e-based system and innovative payment calculator that makes any check out amount manageable,” said Sergio Pinon, CEO and Co-Founder of eLayaway. “By offering your shoppers the eLayaway option, you are allowing them to make purchases of all sizes and pay for them overtime with payments they can manage. eLayaway continues to empower shoppers.”
According to comScore, Inc., more than $10.7 billion has been spent online during the season-to-date, marking a 17-percent gain versus the corresponding days last year. Cyber Monday saw $733 million in online spending, representing a 21-percent increase versus last year and an 84-percent jump from the average daily online spending totals during the preceding four weeks.
FOR IMMEDIATE RELEASE PRESS CONTACT: MICHAEL BILELLO December 5, 2007 850-570-0021
“By offering the eLayaway option as a merchant you increase your market reach and conversion rates while decreasing your shopping cart abandonment, and not one day goes by that a merchant does not call and express amazement of what this payment option has done for their bottom-line,” said Ryncarz.”
“If someone wants to spend $800 on one or more products, but does not want to do so on a credit card at 18-percent with minimum payments lasting six years, or does not have the credit to make that purchase, eLayaway is the best option for that merchant to turn this shopper into a buyer and the consumer remains debt free,” said Pinon.
eLayaway has enjoyed national media attention with appearances by their Ambassador and NFL Networks commentator Deion Sanders on shows such as CNBC’s The Big Idea with Donny Deutsch, Fox Business’ Money for Breakfast, CNN Money with Fortune Magazine, The Tom Joyner Show as well as various NBC, ABC and CBS metropolitan affiliates from Los Angeles to South Carolina.
“When national headlines state there is a credit strapped consumer and merchants are unable to extend anymore credit, alternative payment options, specifically eLayaway, is a service Americans want to know about and utilize,” said Michael Bilello, Vice President of Strategic Relations for eLayaway. “News organizations that disseminate this story are not only doing consumers justice, but also informing merchants who are looking to insulate their sales during tough economic conditions.”
“eLayaway is not just about low-income, credit-strapped customers, although our payment option definitely services that demographic,” explained Pinon. “eLayaway is for a smart internet shopper that has emerged as a very powerful component of online business and our payment option multiplies their buying power, as well as the shopper who could not or would not buy with traditional credit-based check out methods.”
Background: eLayaway.com
How it works: elayaway.com is similar to traditional layaway allowing shoppers to buy a product online and pay for it in regular automatic installments with automatic clearing house (ACH) processing by HSBC and delivery upon full payment. eLayaway.com does not charge per-sale transactions fees to merchants. eLayaway.com is for customers who are near or behind their credit limit or those who simply want to avoid high interest credit card fees. eLayaway.com is the smart choice for making purchases over time.
Company History: Founded by Matt Ryncarz and Sergio Pinon in 2005, eLayaway.com is based in Tallahassee, FL with over 40 employees and staff. eLayaway.com lists 3.5 million products and growing, with merchants such as Comp USA, Serta, Shoppers Choice, Diamond Source to name a few (please see site for full list.) Executive biographies, press information, related links and articles are available at www.eLayaway.com.
FOR IMMEDIATE RELEASE PRESS CONTACT: MICHAEL BILELLO OCTOBER 16, 2007 850-570-0021
