There’s a lot of work involved in running a WooCommerce store. Fortunately, there are many tried and tested techniques you can use to increase sales and conversions. One of them is using WooCommerce deposits plugin.
For example, some e-commerce stores give customers ‘part payment’ deals. It means the customer only pays for a percentage of the product at the online checkout.
In such a scenario, customers don’t have to pay the entire product price at once. They make further balancing payments when convenient or when requested by the seller.
It’s a popular way to boost interest in pricier items like furniture and household appliances. Customers are mostly hesitant when they need to pay a large sum. But they feel happier to pay it in smaller, incremental amounts.
The result of this sales technique is simple; more customers make more sales because more of them can afford to make purchases.
Best Paid WooCommerce Deposits Plugins
Here are some of the best-paid deposit plugins for WooCommerce:
Tyche Deposits is a plugin that enables businesses to process partial payments from customers. It accepts both flat amount and percentage deposits.
Store owners have the opportunity to receive part-payments across any given timeframe. For instance, you could charge 20% of the total price at checkout, a further 30% two weeks later and the final 50% after four weeks.
- Customers can make full or part-payments at checkout
- Deposits can be charged by amount or percentage
- Compatible with all WooCommerce payment options
- Works with Booking & Appointment plugin for WooCommerce
- Tailored payment plans for individual products
- Charge customers part-payments for days, weeks, months or years
- Part-payments can be taken on a full order (not just one product)
- Set up more than one payment plan for a single WooCommerce product
- Add variable percentage at differing intervals in payment schedules
- Send reminder email notifications when payments are due
- Block use of coupons and vouchers on part-payments
- Deactivate particular payment gateway for deposit payments
- Keep customer informed during cart & checkout flow for the payment process
- Force deposit payments for products
- Allow customers to place deposits
2. YITH WOOCOMMERCE DEPOSITS AND DOWN PAYMENTS ≈ $133 (HAS A FREE VERSION ALSO)
With the Yith Deposits plugin, customers can pay a percentage of their order at checkout and balance the rest in a second payment later.
This plugin is not as flexible as Tyche Deposits. It’s specifically designed for two part-payments, rather than payments installments of three, four or more.
- Customers can pay a percentage at checkout and the rest at a later date
- Omit one or several products from part payment eligibility
- Establish a fixed shipping method or offer various options
- Automatically calculate deposit amounts (based on total price)
- Set a payment deadline after which a balance can’t be settled
- Give customers their deposit back if they can’t balance the total
- Send email reminders to customers when payments are due
- Require customers to pay by mail cheque
- Personalize the deposit plugin’s theme and label
- Link different deposits to different versions of a single product
- Program the payment of deposits to be default actions
- Force users to pay a deposit during the purchase
- Refund the deposit of users when they don’t complete the purchase by the expiration date
- Administrators and users will receive an email automatically when a new deposit request is made
- Administrators can ask for a different deposit according to customer role, the product or its category
You can set up a fixed value as the deposit amount, or dynamically calculate a value based on the price of the product.
For variable products, you can set a different deposit value and payment plan for each variation.
Unlike some other plugins, it also has a feature which closes the payment gateway to customers who have missed their deadlines.
When the deadline is exceeded plugin enables store owners to refund the deposit paid if customers do not meet payment deadlines.
They get their money back, but they do not get the product as they have not paid for it.
YITH Deposits and Down Payments has a variety of customization features which are useful for sharing information with customers.
For example, you can add custom notes to different parts of product pages, personalize buttons, and create unique labels.
The plugin sends out email notifications to customers and store admin, whenever a new deposit is made or when the deposit is about to expire.
Only YITH from this list has free version of deposits plugin for WooCommerce which is limited in features.
All mentioned deposit plugins in this post are fully compatible with WooCommerce. However, if you’d prefer to use official WooCommerce down payment plugin, WooCommerce does have its own version.
It gives customers the option to make a part payment or request a payment schedule for eligible products specified by the store owner.
The plugin is extremely responsive and comes with a lot of customization options, particularly for creating tailored payment schedules with variable increments and percentages.
Plus, there’s plenty of helpful information given to customers as they move through the checkout process.
- Enables customers to pay the total sum or using the deposit
- Create tailored payment plans across weeks or months
- Offer deposits, layaways or other types of payment structure
- Helpful tips and advice for customers at the checkout
- Easy to understand visuals, notes and other directives
Store owners can set up variable payment plans spread across days to months. It handles tax rates too by calculating a relevant sum based on the size of the deposit specified.
Once calculated for the initial deposit, the plugin can continue calculating the tax amount across additional payments.
You need to handle the refunds manually, as the plugin does not support automatic refunds.
The plugin does not support recurring payments or refundable security deposits. And it will not store credit card information of the customers.
Sumo WooCommerce Payment Plans from Fantastic Plugins is another popular choice for WooCommerce deposits plugin pick because it includes a broad variety of features.
For instance, it can establish variable payment schedules such as Variable Amount Instalments, Deposits with Balance Payment, Fixed Amount Instalments, and more.
This plugin is relatively flexible and gives store owners the option to set up one or more payment plans.
For example, you could require customers to settle the full balance with a second payment or allow three, four or more balancing payments.
Key Features offered by this plugin are:
- Store owners can make deposits a choice or a requirement
- Set a fixed deposit amount or allow the customer to decide
- Establish interest fees on some or all deposit eligible products
- Give customers an opportunity of short and long term payment schedules
- Customers can book a product by paying a deposit payment
- Customers can purchase a product in installments
The deposit and partial payment options you choose will depend on the nature of your business and how fast sales need to be completed.
If preferred, the Sumo plugin can demand deposit payments as an obligatory requirement, or it can allow payment in full at the checkout.
Instead of removing the option to make payments once a customer has exceeded the deadline, you may prefer to charge interest. The Sumo WooCommerce plugin makes it easy to do this.
It can calculate taxes at checkout, during the first payment, or alongside each subsequent payment.
You can also set notifications to remind customers about balance payments.
Also, when the customer chooses a partial payment plan, you can hide specific payment gateways on the checkout page.
The plugin can be combined with a lot of other plugins by the same developer, such as Sumo Affiliates, Recover Abandoned Cart, etc.
USE CASE SCENARIOS:
–Deposit Amount with Balance Payment – A percentage is paid off at checkout, with the rest being balanced within a specified time.
–Monthly Instalments – A percentage is paid at the checkout, with the rest being paid in monthly installments.
–Monthly Instalments with Interest – If a customer chooses to pay a deposit, followed by incremental instalments, they must also pay an accompanying interest fee.
–Down Payments with Instalments – This works in much the same way as a deposit amount with balance payment. However, there is usually no refund option and, often, customers get a longer deadline.
–Zero Down Payment with Instalments – A monthly payment schedule without the deposit requirements. Customers can ‘purchase’ a product without having to pay anything at checkout and then pay in monthly installments.
–Fixed Payment Plans – Allows customers to choose which payment plan they’d prefer.
–Variable Payment Schedule – Customers are given a suitable payment plan with the possibility of changes at a later date.
This tool is a slightly less comprehensive plugin than previously mentioned WooCommerce installment payments plugins. It’s also significantly cheaper, so if you want to save cash, it’s a valuable option.
It is a high quality, premium application that’s compatible with both WooCommerce features and WordPress tools.
It enables customers to pay a percentage of a product’s price at checkout or an amount specified by the seller.
If preferred, store owners can make partial payment deposits a mandatory requirement for all purchases.
One of its most appealing features is its suitability for purchases of less tangible products like bookings.
If you use it in combination with the WooCommerce Bookings plugin, it’s easy to expand your product line up in this way.
Ecommerce traders with less time to invest in store management will find this plugin useful as it comes with a one-click system for deposits.
With one click, deposit options can be activated or deactivated on all products across the site.
The automated notification tool is helpful as it sends email reminders a specified number of days before or after a payment is due.
- Offer or demand deposit payments on all or some products
- Customize checkout to add an easily accessible deposit option
- Send automated email notifications when payment is due
- Set deposit payments according to the percentage or a fixed sum
- Allow customers to settle the balance in full at any time
- One-touch system for activating or deactivating deposits sitewide
- Deactivate certain payment options if a partial deposit is selected
- Make tailored messages display when deposit option is selected
- Add new deposits from the order editor in the admin back end
- View deposit reports from the WooCommerce dashboard
- Compatible with WPML
There is more flexibility on this plugin when it comes to collecting tax and shipping charges. You can choose whether to include these costs with the initial deposit or along with the further payments.
It also allows you to split the amount between the deposit and future payments. If required, you can disable specific payment gateways on your site when there is a deposit plan chosen.
You can measure the impact of your deposits strategy by accessing specific reports on the WooCommerce Reports section as well.
Should You Use WooCommerce Deposits Plugins?
Giving customers the option to settle their balances in incremental installments is a straightforward and effective way to increase sales.
It has the most impact when it comes to expensive products or ‘big-ticket’ items. These include electronics like television sets and computers, as well as furniture, designer clothes, etc.
For instance, you may get plenty of visitors to your store but, if they’re not completing the checkout process, they’re not creating profits.
There are chances that customers are not purchasing products due to lack of funds at a particular time.
They likely will do in a couple of days or weeks so give them a flexible payment option. After a few months of using a deposit plugin, you may find your abandoned cart rate has dramatically decreased.
With the premium deposit plugins featured on this list, both the seller and the consumer can get what they want.
Over a more extended period, the use of partial payment deposit options can increase customer loyalty.
If they find that the partial payment plans help them purchase products that they couldn’t afford otherwise, they might come back to your site more often.
If you’re concerned about the impact deposit plans may have on a week to week revenue, consider adding an interest charge on longer-term balances.
With the help of automated tools to calculate and collect this interest, it’s a straightforward way to create an additional income source.
You have to identify your target audience accurately before trying out different strategies to improve your sales.
Once you have a clear understanding that customers would prefer partial payment options, you can go ahead with one of the above plugins.