Hallensteins, Glassons, Storm and Red Rat are among a host of retailers that have signed up to a new interest free payment model that allows instant purchases.

Laybuy.com is the brainchild of banker and retailer Gary Rohloff, former head of Number One Shoes, Ezibuy and Warehouse Stationery, and his son, Alex Rohloff, who say it’s a modern take on the traditional layby model.

“The traditional old layby model has evolved into an innovative, high-tech solution that is the new aspirational way of shopping for savvy, smart New Zealanders who want to purchase goods and get them instantly,” said Gary Rohloff.

“Since going live two weeks ago, more than 4,000 shoppers have signed up and we’ve processed transactions in excess of $250,000.”

The company launched in mid-May and plans to extend its reach by offering instore at major retailers.

Rohloff said that the idea for a solution to the traditional layby has been in the works for many years, born out of frustration associated with traditional layby options – for both consumers and retailers.

“My son Alex, a university student, wanted a pair of jeans to wear out on a Friday night that he could get now and pay off from his part time job wages, and we thought surely there must be a better way,” he said.

“Traditional laybys take up unnecessary time on both ends of the spectrum – shoppers are having to head back instore to make repayments, and retailers are having to devote additional administration time to track laybys.”