How to Start an Online Layaway Business

Allow your customers the convenience of making small monthly, weekly or bi-weekly payments with an online layaway business. According to Wise Geek, "Online stores with layaway privileges are becoming more popular."

Don't delay; start your online layaway business today and you could see an increase in sales. The biggest increase may roll around during the holiday shopping season. It's during this time of the year when consumers struggle financially, so if they can lay away their gifts and make small payments until they pay for the items in full, they may turn to you for all their holiday shopping needs.

Instructions

1. Set your online business up to accept electronic checks.

2. Decide what the terms will be for your online layaway business. Your layaway terms could include cancellation options and fees, minimum down payment, penalty fees for late and missed payments and your policy on refunds.

3. Write and publish the Web pages that will let your customers know how your online layaway business works. Also publish your policy page.

4. Set your online shopping cart up to accept layaway payments.

5. Write a press release announcing your online layaway business.

6. Send the press release to your targeted audience.

7. Compose a letter about your layaway program and send it to your current customers. Offer them a discount as an incentive to get them to spread the word about your new online layaway business.

Tips & Warnings

• If you don't feel comfortable handling the layaway orders on your own, you can search the Internet for layaway companies that will help you.

• You'll probably encounter customers who will fall behind on payments or cancel their layaway order, so make sure you charge a small fee for any late payments and cancellations. Don't ship the order until the customer pays in full.

Resources

• "What Is Online Layaway?" by Malcolm Tatum