With Depression-era roots dating back nearly 100 years, followed by decades of dormancy due to the rise of credit cards, and then, most recently, being eclipsed by the emergence of BNPL, the lonely old layby has largely been left behind in the world of consumer finance, therefore should SME’s start boosting up their layby offerings as we encroach the silly season?
Give Your Customers More Ways To Pay
Most customers take advantage of financing options when purchasing a high-ticket item like a refrigerator or couch therefore adding a layby program is often well-received by customers who do not qualify for other financing options or who simply didn’t want to use credit.
At a time when many popular large items, such as appliances, can require weeks or even months of waiting to get delivery and the ability to make risk-free payments towards a major purchase and then pick it up in a month or two makes perfect sense for certain buyers.
This strategy can also be helpful for customers who are buying a home or moving in the future as they can secure the specific product they want and lock in the price but can have it safely stored for free.
Something for Everyone
To be sure, layby is not for everyone, but then again, no payment plan is. As it is, most consumers prefer to take possession of merchandise immediately rather than waiting weeks or months to get their stuff, but offering this option is simply another tool in the drawer to serve the entire credit spectrum.
Does your business have all the tools you need? APickle are the market leaders at providing unsecured loans and helping businesses succeed. To find out how we can help your business, contact us today.
