Frequently Asked Questions

Digital layaway is a new way to save up for big purchases. On the back-end, digital layaway is a virtual card that is created at our banking partner. Customers can deposit funds into digital layaway, use their virtual card to make purchases at a specific merchant, and get cash back.

1. The customer receives an email from the merchant stating their eligibility for a digital layaway offer
2. The customer is directed to Obsidian’s website and is prompted to provide the email address associated with the offer
3. The customer provides some information such as name, address, and date of birth for identity verification purposes
4. The customer links a funding source such as an external checking account via Plaid
5. The customer makes their first deposit to complete the onboarding process
6. The customer continues to make deposits over time
7. When the customer is ready to make a purchase, the customer uses their virtual card to make a purchase on the
   merchant’s website
8. Rewards are automatically redeemed as cash back into the customer’s external account

No, digital layaway is flexible. Customers are essentially saving up funds with a merchant and can use it for any purchase at the merchant in a SKU-agnostic manner.

We support cash back redemptions.

Any leftover funds in a customer’s digital layaway balance will be automatically transferred to their externally linked deposit account.

Yes - customers can withdraw their funds at any time with no fees or penalties. If they withdraw their funds, they forgo any rewards they’ve earned so far.

The customer’s funds are returned back to their digital layaway balance. They can either use the funds to make another purchase or withdraw their funds. If they choose to withdraw their funds and the reward type was cashback, we attempt to claw back their rewards.

No - Obsidian only stores a tokenized version of a customer’s external bank account information rather than raw values.