My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.

Online Retail Offers a New Way to Pay

Online customers jump at the chance to pay for purchases incrementally.
- Magazine Contributor
1 min read

This story appears in the August 2007 issue of Entrepreneur. Subscribe »

eLayaway.com is delivering the retail pay-as-you-go concept to online shoppers. "A lot of people are maxed out on their credit cards, others want to plan their purchases and some have no credit at all," says Sergio Pinon, 41, who, together with Matt Ryncarz, 25, launched eLayaway in August 2006.

For a flat 1.9 percent fee, eLayaway lets online customers make incremental payments until their purchases are paid off. The idea sprang from Ryncarz's former venture, which facilitated vacation planning through payroll deductions. Pinon saw the potential for a broader market in online sales, and eLayaway was born. "We had a fire under us because we wanted to be the first to get it to the market," Pinon says. Their premier position has paid off: The company is the layaway option at more than 30,000 online merchants. Tallahassee, Florida-based eLayaway reports 400 percent growth since January.