The future of lay-bys – predictions and possibilities
Currently, there are many reasons to opt for a lay-by. It is a safe and secure payment option, as you are able to pay for a product in instalments, with no credit checks and zero interest. But what will it look like in the future? Read on to find out potential innovations and shifts in how lay-bys will adapt to changing customer needs.
1. The lay-by system will be reinvented for the digital world
One of the biggest trends around the globe is digitisation – and the lay-by market is no exception. According to TechCentral, “In today’s fast-paced and technology-driven world, the landscape of shopping and payment methods is constantly in flux. For businesses, processing payments more quickly and safely has become a top priority, which means investing more in digital payment solutions.” The article continues and states that one South African company is already advancing lay-by systems across the African content. “LayUp Technologies is breathing new life into this age-old practice with its innovative cloud-based platform, automating the entire lay-by process from initial setup to reconciliation and collection.”
2. Mobile solutions and AI will optimise payments
According to vspry, the future of lay-by payments looks promising, driven by technology advancements and emerging trends. “One such trend is integrating mobile payment solutions into digital lay-by platforms. With the widespread adoption of smartphones and mobile wallets, customers can make payments seamlessly using their mobile devices.” The article also mentions the integration of AI into the lay-by system. “Another emerging trend is integrating artificial intelligence (AI) and machine learning into lay-by payment platforms. AI-powered algorithms can analyse customer payment patterns and preferences, enabling businesses to personalise their lay-by offerings and optimise payment plans based on individual needs.”
1. Benefits and accessibility for customers increase
SA Retail writes that the digitisation of recurring lay-by payments has benefits for customers, such as “help[ing] to empower a consumer base that has historically been underserved and virtually invisible to traditional financial institutions.” The article continues: “These pre-payment solutions deliver an easily accessible payment vehicle where any person regardless of whether they have a bank account or not, can save for virtually any item over a specified period.” At a time when inflation in South Africa has hit record levels, ongoing concerns around the energy crisis, and the continually increasing fuel price, a digital recurring payment system provides an legitimate alternative to credit.
If you’re looking for quality second-hand items, you’ll be deilghted to know that some our stores offer lay-bys. Please call your nearest Cash Converters to confirm if they do. Terms and conditions differ from store to store, so be sure to discuss those too.