With Laybuy.com, preapproved shoppers can purchase products and services online, receive them immediately and pay them off interest-free over six weeks.
Gary Rohloff is the former head of Number One Shoes, Ezibuy and Warehouse Stationery. He says Laybuy.com represents a modernisation of the traditional layby model. It was developed in collaboration with ecommerce provider Black Pepper and credit bureau Centrix.
Since launching in May, the company has so far partnered with Hallenstein Glasson, which offers the facility across Glassons, Hallenstein Brothers and Storm; and streetwear retailer RedRat.
“The traditional old layby model has evolved into an innovative, high-tech solution that is the new aspirational way of shopping for savvy, smart New Zealanders who want to purchase goods and get them instantly,” Gary Rohloff says.
“Since going live two weeks ago, more than 4,000 shoppers have signed up and we’ve processed transactions in excess of $250,000.”
Gary Rohloff says the company will target boutique retailers for further partnerships, and plans to extend its offering into bricks and mortar stores as well as ecommerce.
He says the existing laybuy model was frustrating for both consumers and retailers.
“My son Alex, a university student, wanted a pair of jeans to wear out on a Friday night that he could get now and pay off from his part time job wages, and we thought surely there must be a better way.
“Traditional laybys take up unnecessary time on both ends of the spectrum – shoppers are having to head back instore to make repayments, and retailers are having to devote additional administration time to track laybys. Laybuy is a simple solution, and the technology is now able to facilitate this offering in a way that makes life easier for everyone.”
Retailers pay commission on each Laybuy.com sale and receive full payment for the goods, minus the fee, immediately.