Remember layaway? If your mom couldn’t afford something, she put 10 percent down and paid a few bucks a week through the layaway window until the item was paid off and she could bring it home.

Now it’s coming back as retailers and shoppers alike question the costs of instant gratification. Internet Retailer reports that a new company, eLayaway, appeals to shoppers who want to pay gradually without incurring debt. Merchants like it because they avoid the rising transaction fees normally charged for plastic card processing.

The eLayaway system charges customers a 1.9 percent fee — but no interest — and debits their checking accounts for three to 13 payments, delivering the goods when the last payment is received. About 700 participating merchants include boutiques, travel providers, and plastic surgeons.

Based in Tallahassee, Fla., eLayaway just launched a joint venture with Cardinal Commerce, an online payment provider with more than 33,000 merchant customers. Its payment platform also offers PayPal, Bill Me Later, and eBillMe as credit card alternatives.

Credit cards nearly killed layaway as shoppers opted for merchandise now, payments later. Wal-Mart phased out layaway departments in all its stores in 2006, citing high costs and declining customer interest. Kmart, T.J. Maxx, Fashion Bug, Big Lots, and some small retailers still offer the service.

We may see layaway rise from the ashes as a low-cost problem solver for retailers who want to close the sale. In the words of Flip Wilson’s character Geraldine, describing her boyfriend, Killer: “He gave me a ring. I just couldn’t keep up the payments.”