Is This Latest Trend About Paying for Your Shopping Items for You? - Cabot Wealth Network

Is This Latest Trend About Paying for Your Shopping Items for You?

Get tips, tricks, and secrets about a hot new trend for paying for your shopping items—when you read the December 2021 issue of our Magazine, just released!

Cabot Money Magazine December 2021

Do you remember layaways? I sure do. When I was a child, during the holiday season, my mom would take my brother and me down to the local Sears store on Friday evenings and make her layaway payment. My brother and I really had no idea that she was pre-paying—sort of on an installment plan—the bounty we would find under our tree on Christmas morning!

But that’s how layaways worked. You made an initial down payment on your items, then paid them off in installments, with (hopefully) full payment made before Santa came down the chimney!

One of the precursors to layaways was the Singer Sewing Machines’ “dollar down, dollar a week,” concept, created back in the 19th century. But layaways really hit their stride during the Great Depression of the 1930s—a time when jobs were scarce, and many families were having tough times financially. From the 1930s until the 1970s, layaway programs were plentiful. Almost all department stores had them, but with the availability of mass-market credit cards in the 1980s, most layaway plans were scrapped.

Read the feature article in this month’s magazine now to learn all about the latest trend in paying for your items, “Buy Now, Pay Later” (BNPL).

Isn’t that what we’ve been doing with credit cards for more than 40 years? The answer is, sure, but this strategy comes with some twists, and it’s so popular that not only are the old stalwart retailers like Walmart joining in, but so are the credit card companies!

It all started around 2014, with Affirm, who began initially working with popular direct-to-consumer brands like Casper and Burrow. But “Buy Now, Pay Later” (BNPL) really took off in 2017 when Walmart jumped on the bandwagon.

While Walmart, a purveyor of layaways for years and the world’s largest retailer, no longer offers a layaway program, it has eagerly replaced it with the BNPL strategy. You may remember that Walmart was one of the first retailers to adopt radio frequency identification (RFID) technology for tracking its inventory—back in 2003. And although Walmart is a $520 billion in worldwide sales behemoth, the company continues to stay on target with leading technology and is rapidly adopting this new better-than-updated version of layaway.

You can think of BNPL as a combination of layaway and an installment loan. But unlike layaway, where you can’t take your merchandise home until it’s fully paid for, with BNPL, you get your items right away—instant gratification!

It’s a point-of-sale concept, wherein the customer—at the register—gets several options for paying: cash, credit card, store card, or BNPL. The BPNL service allows you to buy it now and pay it back over a certain number of installments. Three, four, and six seem to be the most popular options right now.

The concept is growing like mad for a lot of reasons as detailed below:

When you read this article in the December 2021 issue of our Magazine, you’ll learn all about how BNPL works—for you and for the merchants—plus, you’ll get details about the disadvantages:

Read this article now to learn about BNPL—and whether this payment method is right for you—and get everything else in this issue of our magazine, too, including:

This latest issue of our Magazine is ready for you to access now, to discover all about the latest trend for paying for your shopping items … and much more. Read it now!


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