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.

Conclusion

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.

Pros
Cons
  • 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.
Bottom line
Retailing at $289.00, Layaway Payments 1.0 is not a cheap script… but it does serve a very specific task, and as such it might just provide a clever solution for your online marketplace.

If you’re selling low-price, affordable items, then perhaps this script isn’t for you. However, many of us have been feeling an economic squeeze in recent years; so if your marketplace is populated by items with a larger price tag, then Layaway Payments is likely to offer the perfect solution.

By allowing users to purchase payment plans for your more expensive goods, you’ll be able to increase your interest, your sales, and your revenue… and at the end of the day, that means this marketplace script will always work out to be a worthwhile investment!
Review Author: Richard Morten

About the Author

Richard Morten - Richard Morten is a freelance writer and self-confessed geek. His interests include travel, coffee, and spending way too much time on the Internet.
Review:
June 03, 2013
Ad Manager Pro
Make ads submit to your will
Interview:
April 16, 2014
Georgi Dyankov,
Jumpido
Reviews & Comments:
No comments
Have your say

Captcha

Publisher

More products by FMEExtensions
Found a Lower Price - Tell Us, Extension for Magento
by FMEExtensions
Views: 1882   Rating: 0.0   Reviews: 0
Copy, Move and Duplicate Category Extension for Magento
by FMEExtensions
Views: 2141   Rating: 0.0   Reviews: 0

Latest Reviews

 

The days that having a website to showcase your cars inventory was something new and edgy have ...

Read Review
Setting up a dating website can be a great way to start or improve your online business. However, if ...
Read Review

NEWLY ADDED WEB APPS

Online Learning Solution - Custom E-learning Solution
Agriya proposes a highly efficient, sustainable E-learning solution to overcome present-day...
Airbnb Clone Script
Airbnb Clone Script is an advanced vacation, rental script software; this script...
Socibuy
Wanelo an e-commerce script which sparks your business idea into making capital and...
Magento 2 GeoIP Currency Switcher
Let your customers pay the product price into their local currency instead default...