Layaway Payments 1.0 by FME
The smart solution for managing payments by installment
If you’re looking for a simple yet intelligent shopping cart feature for installments, then you won’t go far wrong with this elegant solution from Magento Extensions.
Magento’s Layaway Payments script allows online store owners to set up the products they mean to sell, managing an online shop able to accept fully customizable instalments. Web masters or site admin get to control every parameter, ensuring that down payments come in your chosen size and frequency… and then, once all payments have been accepted the product is shipped.
Particularly useful for online shops dealing with large-value items, this Magento Layaway script provides a more efficient way of doing business – by unlocking a clever system of partial payments.
The Front End Experience
From the customer’s point of view, Magento’s Layaway Payments software couldn’t be simpler to use. Users will be able to browse through the site much like any other online market place, before settling upon the item listing of their choice.
Here, on each product listing they’ll encounter a drop-down menu showing payment options… but unlike the majority of other online marketplaces, it’ll feature an option for paying by installments.
The number, size and frequency of installments required will always be set by admin – but, by allowing users to select this option, any product will automatically be carried across for management on an ‘Accounts’ page. This is where users will be able to keep track of their various orders, monitor payment progress, or manually pay additional installments.
Rather than paying an automatic service fee, as is the case on most platforms that offer layaway payments, Magento allows its admin to set their own service fee – either as a fixed price, or a percentage. To allow for fair scaling however this can be applied either before or after any incorporated discounts.
What’s more, Magento is careful to apply controlled time limits on all payments. Every item must be paid in full before an admin-assigned maximum duration. This encourages users to keep a close eye on their payments-in-progress, which can easily be reviewed by clicking on the tab in the customer area labelled ‘My Account’.
The Accounts page of this installment paying script allows users to keep a close eye on their finances, or to track payments that are due… as well as providing the option to make immediate, additional payments at the user’s own discretion.
So far, so good! Now let’s take a look at the backend functionality of this intelligent payment scheduling script.
Magento Layaway for Admins
The back-of-house area of Magento’s Layaway Extension software is composed from a series of simple and logical forms. Here, admins will have complete control over the appearance, the details and the functionality of their marketplace.
Basic features such as labels, tags, images and descriptions are quick and easy to set up. Meanwhile, more complex features can also be programmed with relative ease. You’ll be able to decide whether installments follow set fees, or represent percentages of the total price. The number of installments, the size of the service fee, the payment period and also the total possible number of payments can all be set and regulated, allowing you complete control over the parameters of the payment process.
Of course, the payment software also grants the option of bypassing the instalment system altogether – reverting to a standard, fixed-price market, which can be applied to select items or to your whole catalogue, as desired.
Webmasters will have the power to manage payment options from this back of house area, too.
Layaway Payments 1.0 features support for a number of key payment methods, including PayPal and Authorize.net, in addition to credit and debit cards, money orders and bank transfers. You’ll also have the option of accepting cash on delivery.
The Magento engine allows for multiple stores, as well as serving customers in multiple languages. An installation and usage guide comes included, while the script remains 100% open source – an appealing prospect when it comes to customising aspects of your marketplace, or incorporating the payment planner script into a pre-designed site.
Layaway Payments can be purchased from the Magento website, where it retails at $289.00. The script comes with a 45-day money back guarantee, in addition to free lifetime support and upgrades.
- Easy to use, easy to manage, with a range of useful options.
- Do more business by allowing customers to pay in installments.
- Expensive price tag.
- May benefit more from in-built tools for promotion and sharing.