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Project In LayUp Digital Payment Plan Solution
LayUp is an alternative payment platform that increases sales and basket size by enabling your customers to lay-by/layaway items with interest-free installment plans. With LayUp’s module, you can allow buyers to pay in installments for products or services that suit your business rules. Through the configuration settings, you simply define your business rules through two separate settings; the deposit down payment percentage and the final payment date as to when you want your customer to have paid up by. Our extension includes a payment widget, which will be enabled as a payment option in your checkout. Once a customer selects “Pay it off with LayUp” as their payment option, they are redirected to our secure checkout, after which they are taken back to your store to view their purchase details. The extension also includes a widget that displays a dynamic installment amount on your product and cart pages, which is proven to increase conversions and basket size. Once your customer has chosen the “Pay it off with LayUp” payment option, they will be directed to a customized payment widget page where they are able to toggle between weekly or monthly installments. They can also select the day of the week or month they will like to be billed on throughout the payment plan period as well as their being total transparency and clarity of what the future installments are going to be. When your customer is ready to activate their payment plan, they can choose between paying via credit/ debit card or instant EFT. After the customer has successfully gone through 3D secure process and verified themselves they will be redirected back to your store to view their purchase details and the order will be put into a “placed” state. If the customer is declined for whatever reason, the item will be put back in-stock to be sold in the future.
LayUp is ideal for merchants that already cater for lay-by/layaway in-store and are now moving onto the online space as well as merchants that target younger consumers who typically don’t have access to credit or choose not to use credit by are actively online. LayUp is able to accept payments up to any size and will convert sales that previously would have been lost due to customers not having the full amount upfront or due to the fact they are locked out of the economy due to a low credit rating.
You must create a LayUp Merchant Account before you will be able to accept LayBy/Layaway payments with LayUp. Although the extension is free to install, LayUp does charge a per transaction fee per payment plan created of 5% (ex. VAT). This includes all online processing fees. Please email [email protected] or call +2784 094 5555 to get onboarded as a merchant. Click here to sign up for your LayUp Merchant Account.
The LayUp module for Magento uses our advanced widget to handle and capture all user credit / debit card data. This prevents any of this data from ever touching your servers.
The PCI guidelines outline that if you have outsourced your sensitive cardholder data handling functions then you will be able to qualify for a self-assessment questionnaire (SAQ). Using the SAQ you can then apply for a PCI certificate for your store.
Peach Payments ensures that you qualify for this SAQ and that you are not exposed to any cardholder data at any time.
LayUp uses Peach Payments’ transaction platform is PCI DSS Level 1 certified which is the highest level of data protection. Your customers' financial data is secured according to these PCI standards.
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