TALLAHASSEE, Fla., Sept. 21, 2010 (GLOBE NEWSWIRE) -- eLayaway, Inc. (OTCBB:ELAY), the Internet's first and only patent pending layaway payment processor, today announced that merchant retailer Venue® has renewed its contract with the Company to continue use of the highly effective eLayaway® payment processing system. Venue is a privately-held online merchant and direct retailer of brand-name consumer products that conducts business and sells its products to the public via its popular Venue.com website. For over the past year, Venue has partnered with eLayaway, Inc. to establish Venue.com's user-friendly online payment option called Venue Layaway, a privately-labeled layaway alternative powered by eLayaway®.
Since implementing the eLayaway® payment system under its Venue Layaway private label in June 2009, Venue.com has become a highly satisfied user and advocate of the eLayaway® payment system. According to Robert Malina, President of Venue.com, "There was no question we were going to renew our highly successful partnership with eLayaway, Inc. in 2010. Since offering our customers the Venue Layaway payment option, powered by eLayaway®, our company has benefited by capturing sales that otherwise may not have been possible due to consumer credit challenges." He continued, "Working with eLayaway® has been great as they understand our business model, our customers and how we can work together to drive sales while providing customers with access to the items they want from our product line. It's a win-win situation and we see no end in sight for our relationship with eLayaway®."
For many online merchants, eLayaway® offers an opportunity to affordably provide a layaway payment option to their customers as a means to expand market share while reducing the administrative requirements of traditional layaway, goals that are particularly important in this economic environment in which most merchants are seeking ways to increase sales while consumers are cutting back on their spending habits.
Sergio Pinon, Founder and Chief Marketing Officer of eLayaway, Inc., advised, "The reason we created eLayaway® was to assist merchants in successfully reaching their financial objectives while providing their customers with much appreciated, effective payment options that enable them to buy the goods and services they desire. We are very excited to be part of Venue's success, and to be featured prominently on the Venue.com home page under the Shopping section with its private label name, Venue Layaway. We look forward to continuing our relationship with this important client in 2011 and going forward."
How eLayaway Works for Consumers
eLayaway® is an online payment system that allows consumers to pay for the products and services they desire using manageable periodic payments, thereby making purchases affordable and easy to budget. Payments are automatically drafted from the consumer's designated bank account via Automated Clearing House ("ACH") on the modifiable schedule set by the consumer at the time of purchase. A flat transaction fee as low as 1.9% is charged to the consumer and all payments are held in an account in trust at HSBC Bank and transferred to the merchant once full payment has been made. Like traditional layaway programs of the past, delivery of the product or service occurs once payment is complete. Payment processing and supporting services are handled by eLayaway® while merchants provide order fulfillment.
How eLayaway Works for Merchants
For many online merchants, eLayaway® offers an opportunity to provide layaway to their customers as a means to expand market share while reducing the administrative requirements of traditional layaway. Merchants are now turning to payment alternatives such as eLayaway® in order to take advantage of opportunities that increase sales and profits. Today, approximately one-half of all consumers do not qualify for credit. eLayaway® provides an alternative payment method that allows these consumers to make the purchases they desire while enabling merchants to sell additional products on an immediate basis.
In addition to eLayaway.com, the Company also owns and operates eLayawaySPORTS.com, eLayawayTRAVEL.com and eLayawayHEALTH.com. eLayaway, Inc. was founded in 2005.
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Safe Harbor Statement
This report includes forward-looking statements covered by the Private Securities Litigation Reform Act of 1995. Because such statements deal with future events, they are subject to various risks and uncertainties and actual results for the current fiscal year and beyond could differ materially from the Company's current expectations. Forward-looking statements are identified by words such as "anticipates," "projects," "expects," "plans," "intends," "believes," "estimates," "targets," and other similar expressions that indicate trends and future events. Factors that could cause the Company's results to differ materially from those expressed in forward-looking statements include, without limitation, variation in demand and acceptance of the Company's products and services, the frequency, magnitude and timing of any or all related price changes, general business and economic conditions beyond the Company's control, timing of the completion and integration of acquisitions, the consequences of competitive factors in the marketplace, cost-containment strategies, and the Company's success in attracting and retaining key personnel. Additional information concerning factors that could cause actual results to differ materially from those projected is contained in the Company's filing with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update forward-looking statements that may no longer be accurate or timely as a result of new information.