TALLAHASSEE, Fla.--(BUSINESS WIRE)--On Tuesday, February 8, 2011, eLayaway, Inc. (OTCBB:ELAY.OB), announced the latest version of the Internet’s first and only patent pending layaway payment processor, eLayaway 2.0 Private Beta. To select merchants and members, this latest release offers a host of new features and functionality, including, additional and expansive payment options beyond ACH (Automated Clearing House), an enhanced payment flexibility solution as well as an updated account management interface. For merchants, the upgrade includes an improved and scalable reporting system, a fully robust user interface with an enhanced inventory management and control functionalities. The initial release will roll out in a Private Beta version with a full release that offers additional features and benefits, scheduled before the end of the first quarter.
“This new release, as well as all future releases, is driven by the needs of our members and merchants,” stated Joe Martinez, eLayaway’s Vice President of Technology. “Operational and developmental flexibility will ensure that our process remains relevant, effective and compliant.”
In addition to improving the user experience, the new release will also provide the foundation for systematic upgrades that will provide merchants and ecommerce payment solutions with an open-source layaway payment platform from which to develop complimentary applications and solutions. Beyond increasing the Company’s footprint in the payment industry, such flexibility will provide eLayaway with access to markets and currencies abroad.
How eLayaway Works for Consumers
eLayaway is an online payment system that allows consumers to pay for the products and services they desire using manageable periodic payments, thereby making purchases affordable and easy to budget. Payments are automatically drafted from the consumer’s designated bank account via Automated Clearing House (“ACH”) on the modifiable schedule set by the consumer at the time of purchase. A flat transaction fee as low as 1.9% is charged to the consumer and all payments are held in an account in trust at HSBC Bank and transferred to the merchant once full payment has been made. Like traditional layaway programs of the past, delivery of the product or service occurs once payment is complete. Payment processing and supporting services are handled by eLayaway while merchants provide order fulfillment.
How eLayaway Works for Merchants
For many online merchants, eLayaway offers an opportunity to provide layaway to their customers as a means to expand market share while reducing the administrative requirements of traditional layaway. Merchants are now turning to payment alternatives such as eLayaway in order to take advantage of opportunities that increase sales and profits. Today, approximately one-half of all consumers do not qualify for credit. eLayaway provides an alternative payment method that allows these consumers to make the purchases they desire while enabling merchants to sell additional products on an immediate basis.
In addition to eLayaway.com, the Company also owns and operates eLayawaySPORTS.com, eLayawayTRAVEL.com and eLayawayHEALTH.com. eLayaway, Inc. was founded in 2005.
Press summary, logos and screenshots available for download at: eLayaway.com/press.
Safe Harbor Statement
This report includes forward-looking statements covered by the Private Securities Litigation Reform Act of 1995. Because such statements deal with future events, they are subject to various risks and uncertainties and actual results for the current fiscal year and beyond could differ materially from the Company's current expectations. Forward-looking statements are identified by words such as "anticipates," "projects," "expects," "plans," "intends," "believes," "estimates," "targets," and other similar expressions that indicate trends and future events. Factors that could cause the Company's results to differ materially from those expressed in forward-looking statements include, without limitation, variation in demand and acceptance of the Company's products and services, the frequency, magnitude and timing of any or all raw-material-price changes, general business and economic conditions beyond the Company's control, timing of the completion and integration of acquisitions, the consequences of competitive factors in the marketplace, cost-containment strategies, and the Company's success in attracting and retaining key personnel. Additional information concerning factors that could cause actual results to differ materially from those projected is contained in the Company's filing with The Securities and Exchange Commission. The Company undertakes no obligation to revise or update forward-looking statements as a result of new information since these statements may no longer be accurate or timely.
For more information, please visit eLayaway.com.
Press summary, logos and screenshots available for download at: eLayaway.com/press