What does 'Layaway Management' mean?

Layaway management is an essential feature in software that facilitates the process of reserving items for customers to buy at a later date. It is an efficient way of managing sales and inventory, especially in retail and e-commerce businesses. With layaway management, customers can select items they wish to purchase and make a down payment to reserve them. The system then tracks the remaining balance and sets up a payment schedule for the customer to complete the purchase. This feature is beneficial for customers who may not have