One of the things that people have come to realize is that you don’t always have the full payment for items you need and want to purchase. Many retail stores understand this fact.
As a result, many of these stores have numerous options for getting top deals or getting your items for a cheaper price. One of these options is layaway.
In this article, we will discuss the acceptance of layaway in Best Buy, one of the most popular retail stores in the US.
Does Best Buy Have Layaway In 2021?
Despite its popularity, Best Buy doesn’t have or offer layaway as a payment option at its stores. The closest thing to layaway accepted by Best Buy is e-layaway which is an online system that works exactly like layaway.
Instead, Best Buy offers other payment options like lease to own option and Best Buy credit cards.
Did Best Buy Ever Have Layaway Before?
Right from time, Best Buy never allowed layaway at any of their stores. This was confirmed from the answer provided to a user who asked the question on the retail store’s FAQs page.
The reason for this is unknown, but layaway has never been a financing option at Best Buy for a long time.
Why Doesn’t Best Buy Have Layaway?
Best Buy did not stop layaway because the retail store never had it from inception. Layaway has never been a financing option at the retail store. There was no official reason provided by Best Buy for not allowing layaway at their store.
However, there is a certain reason that might have led to the refusal of Best Buy to offer layaway as a financing option at its stores. Some of these reasons include;
Failure of Customers to Complete the Layaway
When an item is put into layaway, it means the customer puts a down payment on the item and continues paying for a stipulated period.
Once this payment is complete, the customer can then take the item. During the periodical payment on this item, the item is taken off the store and cannot be purchased by someone else.
However, the problem arises when the customer realizes that they cannot complete the layaway. The customer only pays a small fee for cancellation, and they get their money back.
At the end of the day, the item remains unsold and the store misses out on sales opportunities.
Decrease in Customer Usage
Truth be told, layaway is a very old retail service. The use of layaway started in the 1930s during the Great Depression.
Its use continued till the 1980s when a lot of retail stores stopped it due to the low usage which was caused by the popularity of credit cards at the time.
While many retailers have, however, reinstated its use in their stores, Best Buy is one of the retail giants that have decided to stay clear of the financing option
Extra Work for Employees
The last reason that could be possible for the refusal of Best Buy to allow layaway is the extra workload and burden that it adds on its employees.
Employees have to keep a different stock for goods in layaway. They also have to keep a record of periodical payments made for these items.
All of these processes add to the normal workload that employees have to do. It becomes even more problematic during the holiday season when the retail stores and their staff become very busy.
Does Best Buy Have Plans for Layaway in the Future?
It is hard to say if Best Buy has plans to use layaway. However, it appears as if the retail giant does not have any plans whatsoever to use or allow the use of layaway in its stores in the future.
The reason is that there are other financing options available at Best Buy.
These options seem to work perfectly well, and customers also seem satisfied with them. Hence, there are no reasons for Best Buy to introduce a new option such as layaway for its customers.
The next section discusses the financing options available to buyers at Best buy.
What Other Alternative Financing Options Does Best Buy Offer?
While Best Buy doesn’t allow the use of layaway, there are other financing options allowed by the retail store. They include;
Best Buy Visa Card Promotional Financing
Shoppers at Best Buy can get two credit cards from Citibank. Both of these credit cards have a deferred interest financing program that lasts between six months and 24 months. What this program means is that you can purchase an item at Best Buy and spread the payment throughout the financing program.
However, you should ensure that you complete the payment within the deferred interest duration. Failure to do this means that you will need to pay interest on the payment dated back to the date of purchase.
Also not every shopper is eligible for this offer. Eligibility depends on the type of items bought and their costs.
For instance, purchases that cost over $649 on unlocked phones and Geek Squad items at Best Buy earn you a deferred interest financing offer that lasts for 24 months.
Progressive Leasing Program
There is also the progressive lease-to-own program available at Best Buy for shoppers who do not qualify for credit cards. The program lasts for 12 months and it doesn’t require a credit check or approval for eligibility. However, factors such as employment and income generated to determine the eligibility.
There are certain items that you cannot purchase if you intend to use this option. These items include drones, Geek Squad protection plans, and software.
What Other Stores Offer Layaway?
If you are interested in using layaway, other retail stores allow shoppers to purchase items through layaway. These stores include
- Big Lots
- Baby Depot and many more
Is There Layaway at Best Buy?
There is no layaway option at Best Buy stores. The retail chain has never accepted the payment option since its inception.
Instead, there are other financing options provided by Best Buy which include paycheck advance, progressive leasing, and many others.
Benjamin is a certified financial advisor, with over 10 years of experience in the industry. He is knowledgeable about various business and financial topics, such as retirement planning and investment management. Ben has been recognized for his work in the financial planning industry. He has also been featured in various publications.