Credit Card Vs. A Layby Payment

There is an urgent need for the product, but say you do not have sufficient cash. Then would you rather purchase it on the credit card? Or would you choose the lay buy option? What is the difference and how would you make a choice? Don’t worry! We have outlined when each option is right for your purchase.

A credit card is an ideal option if:

• You want to be aware of how much you want to spend at any given time
• You want to maintain a good credit history for future financial record
• You want the freedom of repaying the amount according to the timeframe of your desire without worrying about penalty fees.
• Can be used to fulfill unexpected cost without being restricted to firms or businesses

A lay buy payment is an ideal option if:

• You do not own a credit card
• You urgently need an item but do not have sufficient cash at the moment
• You want to split your payment to avoid extra charges
• You require a disciplined technique to repay for the item you bought, at the earliest
• The investment is not a huge amount 
• You want to withdraw the interest charges that are applied to credit cards

What is a lay buy purchase?

Lay buy is a payment technique that allows the buyer to purchase a good by paying one instalment fee. The remaining amount is split for every week, usually within 6 weeks to a monthlong period. The amount remains constant and the payment has to be made on a particular day of the week.

There have been several layby online NZ stores in recent years. These eCommerce platforms offer consumers to take advantage of this payment technique. Below mentioned is a guideline from an eCommerce store that would help you get started with the lay but payment structure.

Get started:

1. Sign up for free and create an account on the eCommerce site
2. Shop from the wide range of products available in our store and select the products you desire.
3. The minimum cart value to be eligible for the lay buy option is $150.
4. Once you have selected the items, click the layby now button to add the items to the cart.
5. Now select the lay buy payment plan that suits you best. This requires you to select the payment frequency and the first payment date. Based on this date, the remaining payments are scheduled automatically.
6. Once you have filled it, review your payment plan. Then proceed to the checkout and place your order!
7. That’s it. Make your first payment and relax.
8. The merchant will prepare your package and ship it to the delivery address. 

What are the criteria to be eligible for lay buy payment structure?

• Should be aged 18 or above
• Must be an Australian, British, or New Zealand, resident.
• Your driving license number
• Full name 
• Address of your residence
• Email ID and contact details
• Valid credit or debit card number

Indeed, the procedure to set up the lay buy structure is much smoother and easier than trying to get a new credit card.