Layaway Policies Online And Offline

Layaway Policies Online And Offline-Know The Fine Print

A layaway is an agreement which is made between you (the consumer) and the retailer in which you pay a certain amount as a deposit to reserve the item you want to purchase. Until you pay the full or remaining amount for the item, you cannot get it and hence it’s said that the item is “on layaway”. When the agreement is initially made, you agree to pay the amount due within a specific period of time. If you fail to pay the amount due, the item is sent back to be restocked and a small fee from your deposit is deducted. The remaining amount is refunded.

Offline Layaway Policies

Offline layaway policies are pretty straight forward and simple. The agreement will state everything including the amount or the percentage which will be deducted from the deposit that you pay upfront. The agreement will also outline the payment plan you can follow, as well as outline the timeline you have within which to make the outstanding payment.

Many offline stores will also require that you give them your address, phone number etc. Many offline stores will also have other important points mentioned in their policies such as their refund policy and their warranty policy. In most instances, the warranty of the product you purchase on layaway will start as soon as you sign the sales receipt and take the product home.

Online Layaway Policies

There is really not much of a difference between layaway policies online and offline. However, because a person is not visiting a store physically to get something on layaway, they can’t pay in cash so other alternative methods are available. These are bank transfers, checks and money orders. Many online layaway stores don’t charge much of a stocking fee, but they might have an extra charge if you are not able to payments in time and need to renegotiate a payment plan or an extension. This is why it’s always a good idea to read though the online store’s layaway policies before you sign and fax or email the agreement.

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