Store Purchase Plan is a term used to describe a payment plan that allows customers to purchase items from a store without paying the full amount upfront. The term 'Layaway' is a 7 letter word that is commonly used to describe this type of payment plan. Layaway plans allow customers to make payments over time until the item is paid off in full. This type of payment plan is beneficial for customers who may not have the funds to pay for an item in full at the time of purchase.