Magento Layaway payment extension is a way to purchase an item without paying the entire cost immediately. Magento Partial payment is the mutual understanding between a customer and store owner. It is a mode of payment in which buyer pays payment to store owner in the form of installment. Business store owners will have to be at the top of forecasting in managing inventory to make layaway payments method profitable. For a Magento partial payment module to work, the products must be on hand. Admin has the facility to update installment by using a simple payment method. Layaway payments module regains concentration of retailers at the beginning of new century.

 In Customers Point of View.

Layaway partial Payments plug-in make it possible for customers to pay for the products and services they want. This FME Extension make purchases easier to afford and in budget line for the consumers. It is important for customer to maintain track of their payment history, and to know how much they have to made payments. Payment plans do not charge interest over outstanding balance like credit cards from customers. When a consumer chooses Partial payment plug-in at time of purchase, they set their payment schedule by using layaway payment Calculator.

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Store Owners Point of View

FMEs Magento payment Extension gives Store Owners the facility to secure sales even when a consumer has limited credit or cash available at the time of shopping. Orders are easily tracked and predictable giving store owners a true online pre-order system that allows them to manage inventory easier unlike other payment alternatives. Store owners have the facility to configure the extension to restrict or allow customer to pay installments for exact order statuses.Admin can supervise the layaway payment order with a separate panel provided for this. Admin has the facility to update installment by using a simple payment method.

CONCLUSION

It is concluded after analyzing layaway payments benefits in both customer and store owner point of view that this Magento extension constructs a dynamic influence on the sales .Magento layaway payment module is beneficial for both customers and stores owners. This payment method grapes more customers. Layaway process assists store owners by providing them best practice policies to enhance their sales. Layaway partial payment module provides store owners with a profitable alternative payment option that allows them to increase their market reach.