WooCommerce Payment Plans
Give your Customers the Flexibility To Buy Now and Pay Later
In tough economic times such as these, online retailers need to take advantage of every means possible to convert hesitant visitors into paying customers.
A great way of doing this is through payment plans, as it gives people the ability to pay for a product over time.
Our WooCommerce Payment Plans plugin not only allows you to easily integrate payments plans into your WooCommerce site, but, unlike other solutions, it also automatically charges your customers whenever an installment is due.
This article goes into detail about what the plugin does and how it can help your business.
Though, if you prefer, you can instead get all this information by watching the following video:
Benefits of the Plugin
Turn Shoppers into Customers
Foremost, the WooCommerce Payment Plans plugin will help you improve sales, as it will help you overcome one of the most significant obstacles standing in the way of you making a sale: the necessity to pay for a product at once and in full.
By allowing partial payments for your products, people visiting your website will no longer have an excuse for not becoming a customer.
Adding a payment plan to your website can also improve average order value (AOV) and improve customer satisfaction, and all at a very small price.
Receive Recurring Payments Automatically
WooCommerce Payment Plans is not the only plugin available for adding payment plans to WooCommerce websites.
There is also a plugin called WooCommerce Deposits.
But the latter solution has a major drawback: it doesn’t support automatic billing and automatic rebilling of failed payments.
With the WooCommerce Payment Plans plugin, you don’t have to worry about losing revenue in the future, as it automatically bills your customers whenever a payment is due.
It also rebills them whenever a payment fails for any reason.
How it Works
Let’s say that you are selling a pair of shoes on your site for $100.
A customer could pay either in full or pay using a payment plan, in which they would pay 25% down while paying the rest out over the course of the next three months.
If they choose the payment plan, they would pay you $25 today using a payment method such as a credit card.
Afterward, the second, third and fourth payments of $25 would all be charged automatically at the appropriate time using the same credit card that the customer first chose.
Add Payment Plans Cost Effectively
Companies such as Affirm, After Pay and Sezzle charge 6-10% of the purchase price for adding payment plans to your WooCommerce site.
But with the WooCommerce Payment Plans plugin, you only pay the yearly plugin fee of $49 and the standard payment processing fee that your payment gateway such as Authorize.net, Stripe, etc. charges (usually somewhere around 2.9%).
Features of the Plugin
Multiple Payment Options
With the WooCommerce Payment Plans plugin, you can give your customers multiple payment options. In addition to paying for a product all at once, they will also have the option to pay an upfront fee and the remainder at a later date, dividing the payments into multiple parts over time.
The plugin also allows you to schedule your payment plans anyway you’d like. You can set it up so that it automatically bills your customers over the course of days, weeks, months and even years.
Mixed Product Pages
With the plugin, you don’t need to create multiple pages for a product when making this product available as both a one-time purchase and a payment plan. You can simply signify that this product is available for both a one-time purchase and a payment plan and it will display this within a single page.
Automatic and Secure Payments
Automatic Rebilling for Failed Installment Payments
The plugin supports automatic rebilling of failed installment payments. This means that you will never lose revenue because of some error, or have to spend time tracking down a customer payment.
Automatic Email Renewal Notifications
With the plugin, you can automatically send email renewal notifications, letting your customers know exactly when a payment is scheduled. It will also notify them of upcoming payments and when payments have been processed.
Cart and Checkout User Experience
Using the plugin, you can keep your customers informed during the entire cart checkout process. This way, at all times, they will know what they will owe now and in the future.
Video: WooCommerce Payment Plans
Video: How to Set Up WooCommerce Payment Plans?
Here are the steps that you need to take:
- Make sure that you have installed the WooCommerce Subscriptions plugin.
- Purchase the WooCommerce Payment Plans plugin.
- Download and install the plugin.
- Select an existing product that you’d like to make available on a payment plan.
- Edit the product and go to the Product Data > Payment Plans page.
- Add a payment plan to your product.
- Watch your conversions magically increase, along with AOV and customer satisfaction.
Learn more how to set up by viewing the documentation.
A major issue with the WooCommerce Deposits plugin is that it does not support automatic recurring payments. For example, the first payment goes through as a deposit but the remaining payments are not automatically charged to the customer’s payment method on file.
The customer then has to manually go and make the payment. The WooCommerce Payment Plans for Subscriptions plugin, on the other hand, is automated, as the remaining payments in the customer’s plan are automatically charged to the customer’s payment method (such as a credit card or PayPal) using their chosen payment method.
Yes. Both automatic recurring payments and automatic re-billing on failed payments are supported with this extension. So, you never have to worry about losing revenue from future installments.