Youlayaway Launches the First Free Online Layaway Service

Former Morgan Stanley Analyst Changes Online Shopping For Consumers

Jan 13, 2010, 08:00 ET from Youlayaway

NEW YORK, Jan. 13 /PRNewswire/ -- Youlayaway, a New York City startup, announced today the beta launch of the first free online layaway payment platform giving consumers the ability to use layaway as a payment option at some of the biggest online retailers. Youlayaway is determined to change the way consumers shop online by offering a service that is free and provides a smart payment alternative that can rival traditional payment methods.

"The economic downturn had an immediate effect on the consumers' spending habits," said Paul Kundel, CEO of Youlayaway.  "I realized that shopping online could be made responsible and fun at the same time if people were given the option of using layaway to shop at their favorite online stores."

Layaway shopping has made a big comeback in the last 12 months.  Several big box retailers have brought back their in-store layaway programs in the last year. "In an economy like this one, people don't want to rely on credit," said Ellen Davis, a spokeswoman for the National Retail Federation.

Unlike traditional layaway services offered by retail stores or other Web sites, Youlayaway has absolutely no fees. This means no service fees, no hidden fees and no membership fees. The industry-first Layaway On Demand feature also provides the ability to choose from millions of products to layaway from top online retailers.

The beauty of Youlayaway is that members have the power to customize their payment plans by choosing either monthly or bi-weekly payments for purchases. A layaway plan can be 2-6 months long, with a maximum of 13 payments. Youlayaway will automatically deduct the scheduled payments from the member's bank account through ACH, the industry banking standard that that processes direct deposits, electronic payments, and debit card payments. Once the last payment has been made, the product is shipped directly from the store and is in the consumer's hands in a matter of days.

About Youlayaway

Youlayaway is a New York City startup that provides consumers the ability to shop at their favorite online stores with an alternative layaway payment option. Founded by a former Morgan Stanley financial analyst, Youlayaway gives members access to major online retailers with a payment method that lets them buy products without using credit or paying cash. For more information, please visit http://www.youlayaway.com.

SOURCE Youlayaway



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