The American multinational retail corporation of a chain of hypermarkets, department stores, and grocery stores- Walmart- also offers a layaway program. Customers can choose any products like electronics, toys, furniture, appliances, sports goods, etc., and add them to the layaway plan. The program is available in Walmart and Walmart supercentre stores. Customers can pay for the product before December 14 and purchase the products without any interest.
Walmart Layaway Program
The layaway program at Walmart is a great way to save money on your holiday shopping. You can get almost 4 months to pay the amount which otherwise you have to pay altogether in December. But in some locations and also for jewelry, Walmart offers year-round layaway. This program is perfect for those who want to buy their holiday gifts early and save on the cost.
Account Opening
Walmart does not offer layaway for online purchases, only in-store purchases. There would be a designated layaway counter at every store and customers, after selecting their products, can approach the counter. Customers above the age of 18 can open a layaway account by filling out a form. There won’t be any application fee or account opening fee for Walmart layaway. Customers can sign in for Email or text reminders regarding the payment and pickup. ..
Layaway Payment
Walmart is now accepting layaway payments in stores other than the one in which the account was opened. Customers have to make a down payment of either $10 or 10% of the basket, whichever is higher. Each product included in this program should cost a minimum of $10 and the basket altogether should be worth a minimum of $50. You can pay the rest of the amount within the last day of the program, that is within December 14, at any counter in any Walmart store not only at the layaway counter. ..
Pick-up and Cancellation
Customers have to pick up the product after completing the payment within the last day of the layaway offer, from the same store of purchase. If a customer cancels their layaway account before they pick up their product, then the account cancellation and the product would go back to inventory. In both cases of automatic cancellation and intentional cancellation of the layaway account, the payment made would be refunded to customer by deducting a Cancellation fee of $10. ..
Walmart has a $25 cancellation fee in Alabama, but no fee in other states. The company’s return policy applies to products purchased through layaway in Alabama as well. ..
Pros and cons
The layaway program has many pros and cons for both the customer and the seller. When compared to a credit card or a loan facility with interests, layaway is a profitable mode of payment for the customer. Walmart doesn’t charge any interest for the time the product is put on hold. Layaway is also applicable for items in Rollback, clearance, and special buy. In that case, discounts that would only be for a short period can be put in the layaway program and can lock the discount. ..
One can add and remove items from a layaway basket to customize it to their needs. The total cost of the basket should not exceed $10 or 10%. If it exceeds the required amount, the basket is refunded.
Retailers are losing money on layaway programs because customers often fail to follow up. This means that the products go back into inventory, and the retailer has to face a loss when demand for the product is high. When the product comes back after the season, there is usually no demand, and the retailer has to face a loss. ..
Conclusion
Walmart’s layaway program was discontinued in 2021 because it was not as effective as the “Affirm” program.
