Investor FAQ
Q: What is eLayaway’s business?
eLayaway® is an online payment system that allows consumers to pay for the products and services they want using manageable periodic payments thereby making their purchase affordable and easy to budget. Payments are automatically drafted from the consumer’s checking account via Automated Clearing House (“ACH”) on the schedule set by the consumer at the time of purchase. Like traditional layaway of the past, delivery of the product or service occurs upon payment in full. Although the payment process and supporting services are handled by eLayaway®, the merchant handles the order fulfillment.
Q: When was eLayaway founded and where is it incorporated?
eLayaway® was founded in 2005. After 11 months of development, the website, eLayaway.com, went live in August of 2006. eLayaway® is a Delaware corporation.
Q: Where is eLayaway’s corporate headquarters located?
eLayaway® is headquartered in Tallahassee, FL – the Capital of the State of Florida.
Q: Who are your customers?
eLayaway® supports many markets, the most obvious being consumers lacking credit or financial resources. One of the company’s fastest growing markets is the “planners.” These are consumers who choose to use the eLayaway® process to pay for items over time for reasons beyond the lack of financial resources. Items such as sports season tickets, vacations and gifts can be purchased in advance and paid for over time with eLayaway. This fiscally responsible approach to consumerism is becoming popular amongst today’s economically-battered consumer.
Q: How do you control credit risk with your customers?
eLayaway® does not extend credit. Like traditional layaway, items are paid in full before the merchant fulfills the order.
Q: Do you have any competition?
Although we are the only automated layaway payment processor online, there are many merchants that choose to offer and maintain their own layaway programs. We are the first automated layaway payment platform that provides both merchants and consumers with a simple way to manage the layaway process.
Q: Is there any precedent for a business model such as eLayaway?
Layaway was born from the Great Depression and was used by merchants to stimulate dwindling sales. Merchants offering layaway provided the struggling consumer with an affordable way to make a purchase without the merchant needing to extend credit. Although the introduction of the credit card in the 50’s and 60’s offered instant gratification for those who qualified, layaway survived for over 70 years until it was reinvented by eLayaway.® eLayaway® not only automated the process and simplified the administrative challenges, it now serves as a fiscally responsible way for consumers to pay for items without incurring debt.
Q: Where is eLayaway common stock traded? What is the company’s ticker symbol?
Our common stock is traded on the OTC-BB. The company’s ticker is ELAY.OB
Q: Does eLayaway pay a dividend on its common stock?
We do not currently pay a dividend.
Q: When does eLayaway fiscal year end?
Our fiscal year ends on December 31 of each year.
Q: Who is eLayaway independent auditor?
Our independent auditor is Salberg & Company, P.A.