eLayaway, Inc. (OTCBB:ELAY), the Internet’s first and only patent pending layaway payment processor, announced today that Larry Witherspoon has been named eLayaway’s new Chief Information Officer. Mr. Witherspoon will be responsible for assisting in establishing the eLayaway payment system as the most widely recognized brand name in alternative payments solutions for consumers and merchants in the multi-trillion dollar retail and event ticketing industry. Over the past year, Mr. Witherspoon has acted as an advisor to the Company, assisting existing management solidify an operational foundation that is scalable, focused on growth and ready to execute at an enterprise level.
As part of the eLayaway team, Larry Witherspoon will serve as the Company’s Chief Information Officer, providing expertise in Operations and Information technology, a knowledge set critical to the continued expansion of eLayaway’s sophisticated, proprietary payment processing system.
“The Company will draw from Mr. Witherspoon’s knowledge and experience as it continues to explore relationships with some of the most popular retailers and event providers on the Internet,” commented Douglas Salie, CEO of eLayaway. “His enthusiasm for the eLayaway project is both encouraging and an inspiration to our team,” continued Salie.
Prior to joining eLayaway, Mr. Witherspoon was Chief Executive Officer of Tickets.com where he was responsible for the execution of the company's overall direction and strategic plan. Tickets.com, a subsidiary of Major League Baseball, is a leading global live-event ticketing service provider and is a primary choice for thousands of top entertainment and sports venues.
eLayaway is the sole provider of a new proprietary online payment system that allows consumers to prepay for items using a monthly payment schedule that best fits their needs and budget. eLayaway also gives merchants access to millions of credit-conscious shoppers who were either previously unreachable or looking for alternatives to traditional credit cards and debt related buying.
How eLayaway Works for Consumers
eLayaway is an online payment system that allows consumers to pay for the products and services they desire using manageable periodic payments, thereby making purchases affordable and easy to budget. Payments are automatically drafted from the consumer’s designated bank account via Automated Clearing House (“ACH”) on the modifiable schedule set by the consumer at the time of purchase. A flat 1.9% transaction fee is charged to the consumer and all payments are held in an account in trust at HSBC Bank and transferred to the merchant once full payment has been made. Like traditional layaway programs of the past, delivery of the product or service occurs once payment is complete. Payment processing and supporting services are handled by eLayaway while merchants provide order fulfillment.
How eLayaway Works for Merchants
For many online merchants, eLayaway offers an opportunity to provide layaway to their customers as a means to expand market share while reducing the administrative requirements of traditional layaway. Merchants are now turning to payment alternatives such as eLayaway in order to take advantage of opportunities that increase sales and profits. Today, approximately one-half of all consumers do not qualify for credit. eLayaway provides an alternative payment method that allows these consumers to make the purchases they desire while enabling merchants to sell additional products on an immediate basis.
In addition to eLayaway.com, the Company also owns and operates eLayawaySPORTS.com, eLayawayTRAVEL.com and eLayawayHEALTH.com. eLayaway, Inc. was founded in 2005.
Press summary, logos and screenshots available for download at: eLayaway.com/press.
Safe Harbor Statement
This report includes forward-looking statements covered by the Private Securities Litigation Reform Act of 1995. Because such statements deal with future events, they are subject to various risks and uncertainties and actual results for the current fiscal year and beyond could differ materially from the Company's current expectations. Forward-looking statements are identified by words such as "anticipates," "projects," "expects," "plans," "intends," "believes," "estimates," "targets," and other similar expressions that indicate trends and future events. Factors that could cause the Company's results to differ materially from those expressed in forward-looking statements include, without limitation, variation in demand and acceptance of the Company's products and services, the frequency, magnitude and timing of any or all raw-material-price changes, general business and economic conditions beyond the Company's control, timing of the completion and integration of acquisitions, the consequences of competitive factors in the marketplace, cost-containment strategies, and the Company's success in attracting and retaining key personnel. Additional information concerning factors that could cause actual results to differ materially from those projected is contained in the Company's filing with The Securities and Exchange Commission. The Company undertakes no obligation to revise or update forward-looking statements as a result of new information since these statements may no longer be accurate or timely.
For more information, please visit http://www.eLayaway.com.
Jesse Stickle, 850-219-8210 ext. 8211
Director of Media Relations