July 7, 2010, 1:11 PM

Online credit provider eLayaway goes public

The company opened at $1 a share.

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Online credit provider eLayaway Inc. today began trading as a public company.

Shares of the company, which will trade under the symbol ELAY, opened at $1.

“Exposure to the capital markets will not only help us grow our business but will also help us reach millions of consumers and merchants that are in desperate need of affordable payment solutions like that now offered by eLayaway,” says Douglas R. Salie, eLayaway CEO.

ELayaway is an alternative payment method that allows consumers to pay for an item over time, receiving the item once full payment is received. Merchants pay nothing for the service, while consumers pay a fee of 1.9% of the purchase amount.

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