Join The Lay-by Revolution

The new deferred payment services can benefit both retailer and shopper

- Anthony O'Brien

As households gear up for the peak spending season, retailers will be jostling to capture every dollar. But this year eye-catching displays and discount stickers may not be enough to tempt consumers to buy from your store.

A growing number of Australians are embracing digital “buy-now, pay-later” options such as Afterpay, PayItLater, Openpay and zipPay, and it’s worth considering whether your business should join the trend.

Deferred payment options are a form of de facto lay-by with a twist. The purchase is paid off gradually. However, unlike traditional lay-by, the customer takes the goods home immediately – there’s no need to wait until the purchase is fully paid off. And instead of the merchant receiving the payment directly, the customer makes payment to the deferred payment service.