Sellers on GunBroker can offer a layaway payment plan, allowing buyers to pay for eligible purchases over time. The seller establishes the terms of the layaway plan, including the required deposit percentage and payment policy.
What is Layaway?
Layaway is a payment arrangement that allows a buyer to purchase an item by making an initial deposit followed by additional payments over a predetermined period.
When a buyer selects layaway during checkout:
- The buyer reviews and agrees to the seller’s layaway policy.
- The required deposit is paid at checkout.
- Any remaining payments are arranged and made directly between the buyer and seller according to the seller’s layaway terms.
- Once payment has been completed in full, the seller ships the item.
How is the Layaway Deposit Calculated?
The layaway deposit is calculated by applying the seller’s layaway percentage to the merchandise total, shipping fees, and any credit card upcharge. The full amount of applicable taxes and fees is then added to the deposit.
Deposit Amount = ((Merchandise Total + Shipping Fees + Credit Card Upcharge) × Layaway Percentage) + Taxes & Fees
Example:
- Merchandise Total: $1,000
- Shipping: $50
- Credit Card Upcharge: $30
- Layaway Percentage: 25%
- Taxes & Fees: $85
Calculation:
($1,000 + $50 + $30) × 25% = $270
$270 + $85 = $355 deposit due at checkout
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