Layaway solutions have been a trusted option for many consumers over the years, allowing them to make purchases over time without the burden of high-interest rates or debt. For big-ticket items like furniture, electronics, or even holiday gifts, layaway has been a helpful tool. But, as the shopping landscape changes, so do the needs of modern consumers. So, what’s missing in layaway solutions today? Let’s explore some of the areas where these payment systems can improve, so they better serve today’s more informed and demanding shoppers.

1. Flexibility in Payment Plans

One of the key limitations of traditional layaway solutions is the rigidity in payment schedules. Most layaway programs lock consumers into fixed payment dates, which may not always align with their personal or financial situations. Life happens—unexpected expenses or changes in income can make it hard to stay on track with strict deadlines. Consumers today expect more flexibility. Payment system improvements that allow for adaptable payment plans could make a huge difference. Imagine being able to pause a payment without penalties or adjust the payment amount based on what’s feasible for you. Consumers need options that work with their lives, not against them.

2. A Wider Range of Products

Traditionally, layaway has been limited to larger purchases, like electronics, furniture, and big-ticket items. However, today’s consumers are looking for a broader selection of products to apply layaway to. Why should layaway only be an option for large purchases? Modern consumers want to spread out payments for smaller, everyday items too—whether it's clothing, beauty products, or even experiences. For layaway solutions to stay relevant, they need to evolve. A more inclusive range of products, from luxury goods to everyday essentials, would make the system much more appealing to a wider audience. This would also encourage a shift from layaway as something for occasional purchases to a regular, sustainable option for responsible shopping.

3. Digital Integration and Transparency

Most traditional layaway systems are still paper-based, requiring customers to track their payments manually or rely on in-person interactions. In today’s digital-first world, this just isn’t enough. Consumers expect convenience, and that means being able to manage everything through their smartphones or computers. To improve the experience, layaway solutions need to embrace technology. This means offering digital integration where consumers can easily track payments, see remaining balances, adjust payment dates, and even make payments through mobile apps. Transparency is key — consumers should always know exactly where they stand in the process, without needing to call or visit a store.

4. No Hidden Fees or Penalties

A common frustration with traditional layaway systems is the presence of hidden fees and penalties. For example, if a payment is missed, some services tack on extra charges, and if you decide to cancel your layaway, you might lose your deposit. These additional costs can make the whole process feel like a trap. What’s really needed are payment system improvements that focus on clarity and fairness. Consumers want layaway to be a straightforward, stress-free experience. Offering clear, up-front pricing with no surprise fees or penalties would greatly enhance customer satisfaction. Interest-free periods or the option to change payment dates without penalty would also make layaway a more attractive option for today’s shoppers.

5. Mobile and Contactless Payment Options

The way we make payments is changing. Consumers now prefer contactless payments and mobile wallets, and they expect this kind of flexibility in all their financial transactions, including layaway. Unfortunately, many traditional layaway systems haven’t kept up with these preferences, still requiring in-person payments or relying on outdated systems. By offering mobile payment options, layaway programs can become far more convenient. Consumers could make payments on the go, whether they’re at home, at work, or on the move. This also opens the door for digital layaway options, where everything—from reserving products to making payments—can be done entirely online.

6. Personalization of Payment Plans

In today’s world, consumers expect personalization in every aspect of their shopping experience, and layaway should be no different. Each consumer’s financial situation is unique, and their layaway plan should reflect that. A one-size-fits-all approach doesn’t cut it anymore. Feedback on layaway systems shows that people want more customized options. For example, if a customer is earning irregular income, they might want a payment schedule that changes based on pay periods. Offering tailored, flexible plans could improve the overall experience and make layaway a more viable option for a broader audience.

7. Access to layaway for Online Shopping

As more consumers shift to online shopping, the demand for online layaway is increasing. Yet, many traditional layaway systems are still limited to in-store purchases. This disconnect leaves consumers who prefer to shop online without an option to secure products through layaway. To address this, layaway solutions must be integrated into online shopping platforms. Allowing consumers to reserve and pay for products over time, whether shopping in-store or online, would greatly enhance the flexibility and appeal of layaway programs.

8. Creating a Seamless Experience

Consumers today are used to seamless, frictionless experiences across all areas of their lives. From online shopping to banking, everything should work smoothly and efficiently. Unfortunately, the traditional layaway process often feels like a hassle, requiring visits to physical stores, waiting for approval, and juggling paperwork. A seamless, user-friendly layaway solution would be one where customers can easily access everything they need online or via an app. Whether it’s reserving a product, making payments, or checking balances, consumers should be able to manage everything at their fingertips. This would make layaway a much more attractive option in the modern shopping experience.

Time for Change in Layaway Solutions

While layaway has been around for decades and offers valuable benefits to consumers, it's clear that the system is overdue for an update. What’s missing in layaway solutions today is flexibility, transparency, broader product selection, and the digital integration that modern consumers demand. With payment system improvements in place, layaway could evolve into a more flexible, convenient, and accessible option for shoppers looking to make purchases without the burden of high-interest debt.

At Camino, we’re working to address these gaps by providing a more flexible, transparent, and user-friendly way to make purchases over time. By listening to feedback on layaway and continuously adapting to the needs of our customers, we’re excited to help shape the future of layaway solutions.