I recently wrote about layaway possibly making a comeback, and then a couple days later happened to read about startup LayAwayCredit.com
There is definitely something brewing in this area. LayAwayCredit.com’s business model is based on reselling big-ticket items on their website, which will be a major drag on their growth, but hey, something is happening. I wish them success in ironing out their business model.
I wouldn’t be surprised at all to see return fraud growing as well, for the same reasons.
Merchant acquirers and processors could play a key role in helping retailers design convenient and streamlined solutions dealing with lots of payment related issues such as layaway and return fraud, which the payments community has not yet recognized as being payment related. Payment-centric solutions to many of these problems will be much more simple and convenient than stand-alone solutions like LayAwayCredit.com, and, as an added benefit, could dramatically increase the value of payments.