GLOSSARY: Buy over time
How can customers buy over time?
‘Buy over time’ was traditionally known as ‘layaway’ where the customer would pay towards an item monthly until it was paid in completion, and the customer would take it home.
The retail industry has developed considerably since the new millennium, and consumers expect to receive their items instantaneously, whilst still needing to pay for items in installments.
Installment loans at the point of sale have grown in popularity in order to fill this gap, whereby consumers can take their purchase home with them immediately, but buy over time using regular payments. With installment loans, the customer’s payments are usually made to a lending institution or bank rather than the retailer, and there may or not be interest added depending on the specific lending platform.
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