Sears Shoppers Get Layaway Alternative With WhyNotLeaseIt

What's Next In Payments®
12:19 PM EDT May 12th, 2013

Sears has announced the launch of a new service that aims to give cash-strapped shoppers another alternative when it comes to financing their spending.

Called WhyNotLeaseIt, the program allows the company’s customers to make one initial payment, followed by monthly or bi-weekly payments electronically to purchase products. Jai Holtz, the company’s vice president of financial services, told The Associated Press that the full rollout has been in the works since last September, when Sears tested the program in Florida, New York and Texas to consumer acclaim.

“The program gives a much-needed financial solution to those unable to purchase on credit, secure credit, or because of immediate need, can’t use layaway,” Holtz told the AP in an interview.

To qualify for the program, shoppers must be 18 years old or older, have a Social Security or tax ID number or earn more than $1,000 per month at the time of their application. In addition, the program can only be used on merchandise valued at $280 or more.

Read the full report here.

Also by This Author
What's Hot
Square Launches Register App Platform
Etsy Debuts mPOS Solution
Merchant Innovation
Ron Johnson’s New Company To Focus On Shopper Decisions
B2B Payments
WEX and Sinclair Oil Strike Long Term Contract
View All Articles ››
You May Also Like
Company Spotlight
Different mPOS Strokes for Different mPOS Folks
Digital River Offers A Sneak Peak At Mobile eCommerce Trends
Mobile Commerce
Trustwave Buys Cenzic To Beef Up App Testing Capability
Merchant Innovation
Apple Pay Launch Week By The Numbers: 46B, 58M and 1
B2B Payments
Tungsten Spent $6.5 Million for DocuSphere
Company Spotlight
Inside the Future of Commerce, Post Apple Pay
Alternative Financial Services
Death Threats, Fraudsters and Lawsuits
View All Articles ››