Layaway, also known as a lay-by in some countries, is a purchase agreement between the customer and the retailer. The product or items are set aside, kept from the customer, but they receive them only once they completed their payment in full.
This happens for clothing for example. When a customer finds a piece of clothing that is their size, but they don’t have the money, the retailer keeps the piece of clothing for a while and waits for the customer to come and pick it up and pay for it.
For bigger, more expensive products, the retailer can also take a fee since they keep the product in storage for when the customer can pay.
Even some brick and mortar grocery stores practice layaway. For example, before the Holidays, the customers can look for their products, talk to the retailer to put them away, and pay a small amount every week or pay in full just before the holiday so they can take home the items.
