Layaway POS System for Electronics Shops: 5 Best Solutions for 2024

Over half of Americans have less than $1,000 in the bank.

As a result, it can be challenging for the average person to buy higher-ticket items (like electronics) in total upfront.

How often have you seen a customer come into your electronics shop, explore the laptop or mobile device they’ve been saving up for… only to discover they’re short on cash? The customer leaves your shop disappointed and empty-handed, and you miss out on a sale. But it doesn’t have to be this way.

Enter: layaway.

This post covers the benefits of offering layaway in your store. We’ll then dive into our list of the best layaway POS solutions you might consider to help you manage layaway for your electronics shop.

Why You Need a Layaway POS System for Your Electronic Shop

Before we dive into our list of the best layaway POS systems you might explore for your electronic shop, let’s answer a few foundational questions: what is layaway, and how can it benefit your business?

Simply put, a layaway POS system lets customers reserve and pay for an item over time, usually in installments. This system differs from other financing options like credit, where customers receive the item upfront and pay interest on the purchase price. With layaway, customers only take the item home once it's fully paid off, and there's typically no interest charged.

So, why should you offer layaway in your electronic shop? Let’s examine a few of the benefits:

Increased sales: Layaway enables customers who might not have the funds to purchase an item outright to make the purchase, potentially increasing your overall sales.
Expanded customer base: By offering layaway, you can appeal to a wider range of customers, including those with limited disposable income or those who prefer to spread out their payments over time.
Customer loyalty: Providing a layaway option can foster customer loyalty by giving customers the flexibility and convenience to pay for their purchases in installments.
Competitive advantage: Not all electronic shops offer layaway, so providing this service can set you apart from your competitors and attract customers specifically looking for this option.
Reduced credit card fees: When customers use layaway, you only have to pay credit card processing fees once the item is fully paid off and collected, saving you money on these costs.
Decreased returns: Customers who use layaway are often more committed to the item they are buying and less likely to make impulse purchases, potentially reducing the number of returns you have to process.
Improved cash flow: Layaway can provide your store with a steady cash flow stream as customers make regular payments over a set period.
Seasonal sales boost: Offering layaway can be especially beneficial during the holiday season. By allowing customers to secure gifts early and pay for them over time, you can increase your sales during this critical retail period.

With these benefits in mind, let's explore some of the top layaway POS system options you might consider implementing in your electronic shop.

1. CellSmart POS

CellSmart POS is a comprehensive point-of-sale software solution for cell phone and electronics repair businesses. Our software caters to the unique needs of electronics and repair shops, offering a user-friendly interface and a wide range of features to simplify business processes and boost profitability.

CellSmart POS offers a comprehensive layaway feature that enables repair shops to complete sales even when customers cannot pay the full amount upfront or when the desired item is not currently in stock. The layaway software allows you to:

Set up customized layaway plans with flexible payment schedules
Track customer payments and balances within the POS system
Generate payment statements and send reminders to customers
Capture customer signatures electronically to confirm acceptance of layaway terms and conditions
Create custom layaway policies tailored to your business needs

Some other key features we offer include:

Repair tracking: Track every repair's IMEI number and customer information, providing you with accurate record-keeping and easy access to repair history.
Ticket management: Create and manage repair tickets, assign them to specific technicians, and view a list of tickets with customer information, price, and notes.
Customer communication: Send text messages to notify customers when their repair is finished or if the device is irreparable, reducing the need for follow-up calls.
Customizable policies: Create your own repair policy, separate from sales or bill payment policies, to ensure consistency and clarity in your repair process.
Inventory management: Effectively manage your inventory with features like bin location assignment, loaner phone tracking, and inventory transfer between locations.

Pricing: Get a custom quote for your perfect layaway POS system using our transparent build and price tool.

2. KORONA POS

KORONA POS is a comprehensive, cloud-based point-of-sale solution designed for small—to mid-sized businesses in various industries. The software offers many features and tools to streamline operations, enhance customer experience, and provide valuable insights.

KORONA POS offers a layaway feature that allows customers to reserve and pay for items over time. With KORONA POS's layaway functionality, you can:

Set up customized layaway plans with flexible payment schedules
Track customer payments and balances within the system
Manage layaway inventory and easily identify items on layaway
Generate reports to monitor layaway sales performance and customer trends

Some other key features KORONA offers include:

EMV and contactless payment options: The system supports secure payment methods, including EMV chip payments and contactless NFC payments, to protect your business and customers from fraud.
Cloud reporting and analytics: KORONA Studio, the system's remote access feature, allows you to access real-time sales reports, employee performance data, and other critical business insights from anywhere.
Employee management: Track employee time, evaluate performance, and set access permissions to ensure smooth operations and maintain security.
E-commerce integrations: KORONA POS integrates with various e-commerce platforms, enabling you to manage in-store and online sales from a single system.

Pricing: KORONA POS’s Core solution starts at $59 per month.

3. Rain POS

Rain POS is an all-in-one retail point of sale software designed to simplify and streamline retail business management. The solution caters to various retail verticals, including boutiques, craft stores, outdoor shops, toy stores, and other specialty retailers.

Rain POS also offers layaway functionality. The layaway feature in Rain POS includes capabilities such as:

Customized payment plans
Customer payment tracking
Balance management features

Some other key features offered by Rain POS include:

Integrated payment options: Rain POS syncs your POS system and website, allowing you to accept online debit or credit card payments.
Fraud prevention: Monitor suspicious activity process payments. There are multiple layers of security to protect your business and customers from fraud.
User-friendly interface: Rain POS offers a simple and intuitive design that allows users to manage payments and other tasks with minimal training.
Automated Marketing Tools: Engage your customers more effectively with automated text and email marketing, Facebook and Google review invites, and targeted customer remarketing.

Pricing: Book a conversation with the Rain sales department for a custom quote.

4. RetailEdge

RetailEdge offers point of sale software designed for retailers in various industries. You can customize the software to fit small businesses or larger, multi-store chains.

RetailEdge also offers a layaway feature that enables customers to reserve and pay for items over time. With RetailEdge's layaway feature, you can:

Set up customized layaway plans with flexible payment schedules
Track customer payments and balances
Manage layaway inventory within the POS system
Generate reports to monitor layaway sales and performance

Other features RetailEdge offers include:

Customer management: Utilize powerful tools to display and track customer sales history, manage customer lists, and boost customer loyalty.
Inventory management: Efficiently manage and analyze your inventory with a wide range of reports, including on-orders, transfers, receiving, inventory costs, and prices.
Mobile POS: RetailEdge's Island mobile workstations allow you to sell products, manage customers, and track inventory from anywhere, even when disconnected from the internet.
Web integration: Integrate your business with e-commerce platforms for real-time order processing and item management, ensuring that your inventory and prices are always up-to-date.

Pricing: RetailEdge’s Island point of sale software starts at $450. Hardware packages are available separately.

5. Cumulus Retail

Cumulus Retail by Celerant is a comprehensive mobile point of sale software solution. This cloud-based POS system ensures that your store remains operational even if you lose internet connectivity, making it a strong choice for businesses that require a reliable and flexible POS solution.

Cumulus Retail also offers layaway functionality where customers can reserve and pay for items over time. Some of Cumulus’s layaway features include:

Customized payment plans
Customer payment tracking
Layaway inventory management

Additional key features of Cumulus Retail include:

Mobile POS: Engage customers and process transactions from anywhere in your store or at off-site events using mobile devices, reducing lines and increasing sales.
Flexible payment options: Accept a wide range of payment methods, including digital wallets, contactless cards, 'buy now, pay later' options, and gift cards.
Customer tracking: Look up customer information, add new customers at the register, track purchase history, and leverage data for targeted marketing efforts.
Endless aisle: Offer an extensive product selection without stocking the merchandise by using kiosks that pull your vendors' online product feeds, enabling you to capture more in-store sales.

Pricing: Cumulus Retail’s All-in-One solution starts at $350 per month.

The Best Layaway POS System for Your Electronics Shop

The five options in this post offer strong layaway POS functionality you can implement in your store. But which is the right fit for your business? While all the solutions we've discussed offer layaway functionality and other essential point of sale features, the truth is that no single system is ideal for every store.

If you're looking for a solution tailored specifically to the needs of electronics and mobile repair shops, you'll want more than just basic layaway capabilities. You need a system with specialized features like repair ticketing, resale functionality, and wholesale management tools. That's where CellSmart POS comes in.

CellSmart POS is designed from the ground up to meet the unique requirements of businesses like yours. In addition to robust layaway functionality, we offer a comprehensive suite of features that streamline your operations, boost your efficiency, and help you deliver exceptional customer service.

Schedule a demo of CellSmart POS today and see how our solution can transform your processes, from layaway to repair ticketing and more.

Layaway POS System for Electronics Shops: 5 Best Solutions for 2024