LAYAWAY

A purchasing scheme that lets a customer put the product on hold by making an initial deposit on the item. It also allows consumers to pay the product on an installment basis rather than paying for it with credit and adding interest to the price. Then, the stores holds the item until such time the customer can pay the price in full. If the price is paid in full, the chosen merchandise will be ready for pick-up. This method works for retail customers who cannot make huge purchases all at once and can also work as a savings plan.