There’s no getting around it: fine jewelry is expensive. Many customers hesitate at the checkout because the price feels overwhelming. You don’t want to lose those hard-won sales right at the finish line, but you can’t offer unsustainable discounts, either.
The solution is to offer flexible payment options at checkout. When selling high-ticket items like engagement rings, custom pieces, and fine jewelry, giving customers several ways to pay can significantly boost your conversion rates and average order values. But how can you make that work in your store?
In this blog, we’ll explore how to offer credit, financing, and layaway in your jewelry business — and how to present these options in a way that helps you close more sales.
Let’s get started.
Before exploring how to offer credit, financing, and layaway in your store, let’s take a closer look at the jewelry retail market and the benefits of flexible payment options.
The “buy now, pay later” market has experienced explosive growth, with retail accounting for 74% of it. As more stores offer incremental payments and financing options, customers have come to expect flexibility — and they bring those expectations to your jewelry store.
When you meet those expectations and offer diverse payment options, you see higher conversion rates, increased average order values, and stronger customer loyalty. Customers who can choose how they pay are more likely to accept an upgrade, add a matching piece, or return for future purchases.
To implement the solutions and methods discussed in this blog, you also need the right tools. The last thing you want is to manually track layaway customers or payment installments in a spreadsheet. Instead, a point of sale (POS) system with built-in payment flexibility — along with features you need to run a profitable jewelry store — makes the process seamless.
With this context in mind, let’s explore the three main jewelry payment options, when to use each, and how to offer them in your store.
Credit cards are the backbone of most modern transactions. They’re convenient for customers to use, easy to accept, and ideal for buyers with established credit who are ready to make a purchase. Most outright credit card transactions in jewelry are for pieces under $5,000.
Retailers understand the benefits of credit card payments. On your side, you get paid in full upfront. On the customer side, they can earn reward points from their credit card provider. This payment method also includes built-in fraud protection, benefiting both parties. Another advantage is familiarity — customers know how to use credit cards, and you already know how to accept them.
Even so, credit cards aren’t ideal for every scenario. Processing fees on high-ticket items can add up quickly. A 2–3% fee might not seem like much until you’re looking at a $10,000 engagement ring. Customer credit limits can also block larger purchases.
Here’s how to get the most out of credit card payments in your jewelry store:
The key is to make credit card payments as easy and customer-friendly as possible without letting processing fees eat into your margins.
Related Read: 5 Benefits of Integrated POS Payment Processing for Jewelry Stores
The second jewelry payment option to consider is a financing program. For engagement rings, custom orders, and other pieces over $3,000, financing is essential.
Allowing a customer to pay for an expensive piece in installments dramatically increases their purchasing power, giving them the flexibility to get the high-quality item they want. The key is not to take on the risk yourself, but to partner with a financing program that pays you upfront while letting the customer pay over time.
Many financing programs offer low — or even 0% — interest rates for customers with strong credit. Offering these options helps attract buyers who might otherwise shop elsewhere and provides a natural upselling opportunity when they realize they can afford more than they initially thought.
Here’s what works when setting up financing at your jewelry store:
One of the biggest concerns customers have about financing is taking on debt and potentially affecting their credit score. Train your team to explain the difference between hard and soft credit checks, and help customers see financing as a tool for strategic budgeting to overcome these objections.
Related Read: Jewelry POS: Cloud-Based vs. Legacy Systems
Layaway might seem old-school, but it’s making a comeback. This payment option lets customers pay in installments, but instead of going through a finance firm and taking the item home immediately, they pay your store directly and receive their item only once all payments are complete.
Layaway plans work well for customers preparing for holidays and special occasions, those rebuilding credit or wanting to avoid financing, and shoppers who don’t need their jewelry right away.
Benefits for customers include no credit checks, no interest, and the ability to lock in current pricing. For your store, layaway can boost customer loyalty, reduce return rates, and lower processing fees.
Make layaway work for your business with these smart guidelines:
Ensure every customer signs a written agreement that outlines protocols for missed payments, late fees, and cancellation options. It’s also a smart idea to use a POS system with built-in layaway features to avoid the stress of manually tracking payments.
Offering multiple jewelry payment options can boost your conversion rates — but only if you present them without overwhelming customers at the register.
Start by asking questions. A simple one, such as “How are you planning to handle payment today?” opens the conversation naturally without adding pressure.
Then, listen carefully for budget cues and customer needs. Based on their answers, recommend the single best option and keep the others as backup if they seem unsure.
Your framing matters just as much as your options. You can reduce decision paralysis by leading with the most popular choice for that purchase type. If most engagement ring customers use financing, tell them. This kind of social proof goes a long way in helping customers feel confident about their payment choice.
When your team approaches payment conversations with genuine curiosity about what works best for each customer, the overwhelm disappears and sales become much easier to close.
Related Read: 10 Jewelry Store POS Features You Need for Your Business
Offering credit cards, financing, and layaway is smart business, but managing three different payment systems can get complicated fast. To avoid the stress and streamline your payment processing, you need the right POS system.
Rather than opting for a generic system or the cheapest tool on the market, choose a platform designed specifically for jewelry stores like yours.
Jewel360 offers features tailor-made for retailers in the fine jewelry market:
When you implement the right POS platform, you can prevent your staff from feeling overwhelmed, allowing them to focus on customer service and sales instead of wrestling with technology.
Today’s customers expect flexibility. Offering multiple jewelry payment options is no longer just a nice touch — it’s essential for staying competitive.
When you meet your customers where they are with payment choices that fit their needs, everyone wins. You’ll see higher average order values, more sales on high-end and custom pieces, and stronger customer loyalty. The key to unlocking these benefits is implementing flexible payment options and managing them efficiently.
Ready to offer more ways to pay? Jewel360’s cloud-based POS solution integrates credit card processing, Affirm financing, and automated layaway tracking into one easy-to-use platform.
Schedule a demo today to see how the right payment options can transform your jewelry business.