Frugal Tip: Utilize Online Layaway Payment Systems

The layaway payment system is a promotional offer where retail stores allow customers to deposit a down payment on the cost of an item(s) that he or she wants to buy and then allows them up to 90 days to pay-off the item in full to receive the purchase. Layaway is now becoming more popular again thanks to new innovative websites. The layaway payment system is now being digitized and revolutionized allowing people to purchase items ranging from flat screen TV screens to cruise ship vacations from major retailers through a third party website.

Sites like and are now serving as the middlemen between major retailers and American customers.  With these websites people are allowed to receive a payment plan with no interest, further decreasing the chances of finding themselves in credit card debt. People can now make large costly purchases without having to pay the amount in full right away or by paying a credit card company 10 – 30 percent in interest.  In addition, people are no longer forced to go into a huge department store and deal with the chaos that comes along with shopping.  Individuals also no longer have to identify themselves as someone that is putting something on layaway due to budgetary restraints.

This new revolutionized layaway payment system is a great budgeting tool that many Americans can incorporate into their spending cycle.  Regardless of the economic downturn, and lack of a full recovery, people can go shopping on a layaway website.  In the online checkout process, the customer will decide how many payments they want to make on the item in question and how much each payment will be.  Customers are allowed to pay with their card, check or money order.  Once the item is paid off in full, it is shipped within a few days.

I’m sure you are wondering how sites like get paid for their services?  The consumer does NOT have to pay a fee, so don’t worry! receives a commission from retailers, ranging from 1.9 percent to 3 percent per transaction, which is undoubtedly much lower than any credit card interest rate you are going to find.

Of course, the staff at Miss Money Bee recommends current and potential customers of these online layaway sites to examine how much shipping will cost and to make sure to double check for additional fees.   Lastly, read the fine print of the purchase agreement listed on each individual layaway website and verify that cancellation options or refunds are permitted.  These factors vary on websites and even per product.