SOURCE: eLayaway


August 04, 2011 11:00 ET

eLayaway Gets Engaged With the Wedding Rings Depot

TALLAHASSEE, FL--(Marketwire - Aug 4, 2011) - eLayaway, Inc. (OTCBB: ELAY), the Internet's first and only patent pending layaway payment processor, announced today the addition of Wedding Rings Depot to its expanding merchant base. This new partnership will expand eLayaway's consumer market in an industry popular with its users. The integration with Wedding Rings Depot supports eLayaway's current growth and expansion strategy. eLayaway continues to invest significant funds into its proprietary technology that will drive its revenue model and bring the Company closer to profitability.

"We are excited about adding Wedding Rings Depot to our expanding suite of merchants. In this challenging economic environment, having the option of purchasing a wedding ring doesn't need to be a luxury," said Douglas Salie, CEO of eLayaway. Mr. Salie commented further, "Wedding Ring Depot is quite innovative in that they not only have their own styles but can customize a ring from a picture if they do not offer it. They can also make and replace a lost or stolen ring and have it back on your finger within 24 hours."

According to the 2011 Engagement and Wedding Report, prepared by The Wedding Report, brides and grooms spent $9.64 billion on engagement rings and wedding bands in 2010. Over $1 billion was sold online. The report also stated that the prime timeframe for researching and paying for the rings was 6 months -- a testament to how well layaway can complement this type of purchase. Everyday eLayaway receives inquires from merchants throughout the US trying to meet their customers demand for layaway. eLayaway provides a one stop solution for both parties.

"Some of the biggest merchants and alternative payment providers have vetted our technology and love what they see. We feel confident that our approach to this market is a sound one," said Sergio Pinon, eLayaway's Founder and Chief Marketing Officer.

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 transaction fee as low as 1.9% 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, the Company also owns and operates, and eLayaway, Inc. was founded in 2005.

Press summary, logos and screenshots available for download at:

About Wedding Rings Depot (WRD):
Wedding Rings Depot specializes in providing the widest selection of unique wedding bands, diamond wedding rings and engagement rings. Wedding Rings Depot offers the most competitive prices with a 100% price match guarantee for their wedding bands. As a direct manufacturer, they can manufacture any ring within 24-48 hours, offering full customization. They offer shipping worldwide and every item is fully insured through the shipping process.

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.

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