Wouldn't it be nice if LFS offers layaway?

[The Aquatic Arsenal]

Okay, so I have read most of the comments. For one, your department stores, well at Walmart, do layaway. I could see this being a service to offer. Of course there would have to be stipulations. I know not everyone in the hobby has the discipline to save money lol. I have actually been winding if PayPal would offer Affirm to my customers lately. Something I will have to investigate further.

You all fo realize BRS already has Affirm for payment plans right? I think the minimum order is $200, and they ship the item right out to you.

 

[radiata]

I flipped my 3 Kessil 360Ws for 360Xs last year. I wouldn't have done it if I wasn't getting 0% financing from Affirm. I had enough money in the bank to cover the purchase, and I had the payments made from that same bank account. But, I used Affirm because , for me, it was less financially/emotionally painful than paying for the 3 lights in one fell swoop. Maybe those feelings are just be a part of the stingy genes in my DNA...

 

[gotmesalty77]

[ ] Really the term layaway is dated. In today's online world the LFS wouldn't have to take it out of stock at all. Really they would also have the capital to use freely during the time of payment.
[ ]
[ ] I understand the arguments that if you don't have the money to enter the hobby that you definitely shouldn't but doesn't that restrict our hobby quite a bit? I would think as business owners expanding the hobby anyway possible would be seen as a net positive. I don't think there is anyone who disagree that his hobby is extremely expensive, some who could afford the hobby just may not be able to Pony up the Cash 4 larger ticket items such as lights, circulation pumps and multitude of different things all at one time shouldn't be excluded. Should the perception really be if you can't afford all that at once then you shouldn't enter the hobby? Certainly seems self restrictive.
Also if all of these places are struggling then what was the speaker at macna 19 saying that in 2015 the hobby produced 350 lil in total revenue and in 2018 2.5 billion in revenue? Where is that money going?
[ ]

 

[1stNoel]

Should one really do lay-away or financing on a frivolous expense such as a hobby?

If one can’t manage/have the self control to save up the money themselves, what makes you think that they will be able to make the payments?

Financial institutions primarily exist to take advantage of people in debt, not help.

Other than my house and my car, I don't like putting things on credit.

My golden rule is: If I can't pay for it in cash, then I can't afford it.

That disciplined mindset has served me well in life.

 

[gotmesalty77]

Other than my house and my car, I don't like putting things on credit.

My golden rule is: If I can't pay for it in cash, then I can't afford it.

That disciplined mindset has served me well in life.

I dont use credit of any kind other than the school loans i had to take out. That said layaway isnt really credit. I worked in the credit industry for 8 years, i have a very deep understanding of every aspect of it. Layway is more like a savings account that is going right towards your goal.

 

[Mattman1977]

I personally would love to see my lfs do a “layaway” on dry goods. Never on livestock. The consumer would just have to realize that most all lfs can’t hold the stock for you so it might not be available the moment it’s paid off. Store credit only no cash refunds.

In other hobbies in my past I’ve placed bigger ticket items on layaway and went in biweekly to pay on it, while there I would spend additional money in store. it was definitely beneficial for them to offer layaway in my opinion.
Matt

 

[mike550]

Okay, so I have read most of the comments. For one, your department stores, well at Walmart, do layaway. I could see this being a service to offer. Of course there would have to be stipulations. I know not everyone in the hobby has the discipline to save money lol. I have actually been winding if PayPal would offer Affirm to my customers lately. Something I will have to investigate further.

You all fo realize BRS already has Affirm for payment plans right? I think the minimum order is $200, and they ship the item right out to you.

Just to clarify as I understand “layaway” it’s where I deposit money with the retailer that I can pick up once I pay off the balance. Basically it lets customers make smaller payments on the product until the purchase is paid in full. Typically there isn’t a credit check since the retailer doesn’t give up the product until paid in full. So the risk is low.

But this isn’t the same financing through Affirm. On the BRS website the interest rate is between 10-30% for one year financing.

 

[dantimdad]

@Katrina71 @Brew12 @crusso1993 thoughts?

 

[NanoDJS]

I dont see why you cant just lay away your $$$ till you have enough then buy it. Layaway was a gorilla sales tactic used by department stores/ electronics shops that already bought the stock and have excess , most people got screwed and never got the items and lost money. It was a way to artificially boost sales numbers on junk people really dont need and cant afford when they have plenty of in stock. All of our equipment in this hobby is very in demand, most LFS cannot keep the good products in stock to begin with. Its alot of extra paperwork and hassle to not make any extra money, and I suspect causes you to loose money and have to keep out of date stock. The about to make last payment on gen 4 radion , says no I want gen 5 lol

 

[Brew12]

@Katrina71 @Brew12 @crusso1993 thoughts?

I'm not a fan of layaway programs. I don't think they are good for the consumer and would be challenging for a small business.

 

[sde1500]

Should the perception really be if you can't afford all that at once then you shouldn't enter the hobby?

I would say 100% yes. This is a hobby. It is not anywheres near a necessity to do. Cars, homes, big needed purchases, sure finance away. But a hobby is a luxury. If you can't afford it, I don't think you should finance it. And really, layway is nothing more than a savings program. If a consumer can't, on their own, put some dollars aside for a purchase, why do they need to reserve the product to be able to?

 

[biecacka]

So don’t finance anything on your credit card to get hotel points or free miles.......dang, I knew I messed up. Haha.


corey

 

[The Aquatic Arsenal]

Just to clarify as I understand “layaway” it’s where I deposit money with the retailer that I can pick up once I pay off the balance. Basically it lets customers make smaller payments on the product until the purchase is paid in full. Typically there isn’t a credit check since the retailer doesn’t give up the product until paid in full. So the risk is low.

But this isn’t the same financing through Affirm. On the BRS website the interest rate is between 10-30% for one year financing.

Yes that is correct.

 

[ChuckD76]

My LFS has a "layaway" of sorts.
You can pay over time and they'll keep your money for you as a store credit.
It's not a "that one is mine" type of thing, more like repeating deposits.
Once you hit the purchase price, you've bought the item.
If they're out of the item, they order one for you.
If you decide to opt out before it's paid for, they give you the store credit.

 

[dantimdad]

My LFS has a "layaway" of sorts.
You can pay over time and they'll keep your money for you as a store credit.
It's not a "that one is mine" type of thing, more like repeating deposits.
Once you hit the purchase price, you've bought the item.
If they're out of the item, they order one for you.
If you decide to opt out before it's paid for, they give you the store credit.

This was what I was trying to say. So who is your LFS? I would like to talk to them if possible

 

[diablomaster9045]

Why not layaway to yourself? Make a paypal account or a seperate savings account for your reefkeeping stuff and just pay into it every paycheck or what not. This is what I do. You can even do stuff like CD's for 6 months if your goal is a bit slower or higher? Have your money make money.

 

[sde1500]

So don’t finance anything on your credit card to get hotel points or free miles.......dang, I knew I messed up. Haha.


corey

Eh, paying with a credit card and paying it off monthly for points/rewards is hardly the same thing as using credit for purchases one can't actually afford. I put everything I possibly can on my card. I've never actually carried a balance on it past the next billing cycle.

 

[Brew12]

Eh, paying with a credit card and paying it off monthly for points/rewards is hardly the same thing as using credit for purchases one can't actually afford. I put everything I possibly can on my card. I've never actually carried a balance on it past the next billing cycle.

I'm with you. I don't carry balances but I used over $2k toward a Disney trip in 2018 and already have another $600+ saved up in reward points for the next one. I also have over 130k Delta skymiles. I love my reward cards!

 

[Jake_the_reefer]

My lfs actually does. I wanted a tank but I didnt want it before I moved so i put 50$ down on it and paid little bits until the day i moved

 

[gotmesalty77]

I would say 100% yes. This is a hobby. It is not anywheres near a necessity to do. Cars, homes, big needed purchases, sure finance away. But a hobby is a luxury. If you can't afford it, I don't think you should finance it. And really, layway is nothing more than a savings program. If a consumer can't, on their own, put some dollars aside for a purchase, why do they need to reserve the product to be able to?

I would think that the more people involved in the hobby spending money would be good for the entire hobby. LFS and hobbiest alike. So hypothetically a guy can afford the entire system except will say protein skimmer so he lays that away after that there's a guy who now needs salt fish food on a recurring basis this is something that creates Revenue in the long run not just a short-term, again I'm not suggesting that they credit the entire system. Adding more hobbiest brings more overall economic growth.