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rufnut Nov 15, 2006

I have been asked recently about laybys or layaways, what has been the best method for you so far?

For example -

How long do you run them for ?
How often do you ask for payments?
Do you have a written agreement with your buyer?
Do you ask for a certain % as a deposit ?
Do you provide your buyer any paperwork to keep track of the payments?

If you have any other suggestions please let me know, look forward to everyone opinions on this topic.

Thanks  :hug:

jenny Nov 15, 2006

I do a third down and then two equal payments at monthly intervals. I send a paypal invoice on each due date , or if they pay by cheque I ask for post-dated cheques.

I keep it simple!!!

rufnut Nov 16, 2006

Thanks for your response Jenny much appreciated.  :hug: 

chris009av Nov 16, 2006

I am in the process of doing my first lay-away.
What I did is give them 3 months from the time they put down a 20% deposit to hold the bear.
They then make payments into my bank account when they feel they can.
I check my account for their deposit regularly, and send out a receipt giving them the details of how much they have paid to date, how much is left to pay, and when they need to pay it by.
So far it has worked out wonderfully, but it is more work. 
I think I would have trouble remembering to send out invoices for payments 

bearhug07 Nov 16, 2006

Karen

if yo check with the Dept of Fair Trading in your state you will find all the legal guidelines laid out for you, with all the answers you are looking for.....you must do it legally or you can be liable for all sorts of things believe it or not.....so check with yoru State Govt.

Sandra

DebbieD Nov 16, 2006

For myself, I keep it exceedingly simple.  Most of my bears will sell for $150.00, so I ask for a non refundable deposit of $50.00.  This way if they change their minds, I can at least have the $50.00 for the time the bear was off the market.  Beyond that, its up to the customer as to the timeframe that they want to pay the rest.  Most of them are soooo excited about their bears that they are completely paid for within a month.  Above all, I keep the bear until the payment has been completely received, including shipping (if needed).  Then I send out their bear.

Knock on wood, its worked for me on several bears over the years. I'd say in each case, the person buying the bear wouldn't have been able to afford it if they hadn't had the layaway option, so I'm MORE than happy to have given them the opportunity.   :love:

edited to say, I've given a written invoice with some of the bears if the person was long distance, and I've recently done my first Paypal invoice,  but with others, its just been a verbal agreement.  I've just done what seems to suit the situation.  Please note, though, if you are in business with your bears, its always better to have something written out for 'just in case'.