Glossary
Layaway
Layaway is when the customer pays for an item in instalments while it is held for him, and takes it home once the full price is paid.
What it means for a shop owner
It suits costly items a customer cannot pay for at once, so you secure the sale and he secures the price. The difference from a credit sale is that the goods stay with you until paid, so your only risk is that the item is tied up.
A worked example
The item costs 600. The customer pays 200 today and 200 each month. After two payments 200 is left, and he takes the item when the last instalment is paid.
Related
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The free plan: the whole shop for one branch, an offline cashier with stock, debts and accounting, with a daily limit on invoices, expenses and purchase orders. What it includes