When purchasing an item, many customers prefer to pay in installments. It also makes it easier for them to decide to buy your products without hesitation. As a result, having a WooCommerce Installment Payments plugin on a website is essential. It allows you to offer partial payment to your customers. They can pay in installments based on the date you specify on the admin page.
You can also use this plugin to create payment plans and add extra monthly charges. It will enable you to make more money in a shorter period of time. It also encourages more people to visit your website and buy from you.
This article will share with you the top 5+ best WooCommerce installment payments plugins.
- What is a WooCommerce Installment Payment Plugin?
- Why should you use WooCommerce Deposits plugins?
- 5+ Best WooCommerce Installment Payments Plugins
What is a WooCommerce Installment Payment Plugin?
WooCommerce installment payments plugin, also known as WooCommerce Payment Plans plugin or WooCommerce deposit plugin, enables store owners to provide different payment alternatives to their consumers. They will have the choice of paying an upfront charge and the remaining at a later date, breaking the payments into various portions over time, in addition to paying for a product all at once.
Why should you use WooCommerce Deposits plugins?
Offering WooCommerce installment payment plugins in your store has several advantages. Let’s look at a few of them.
Encourage customers to buy more valuable items.
Offering a partial payment option on your site may be one of the simplest ways to encourage customers to buy expensive products from your site. If you have a lot of expensive products on your site that has a lot of cart abandonment, you can try this strategy. Customers may refrain from purchasing these products due to a lack of funds at the time. Many of these customers would prefer to be able to pay for the products in multiple installments. As a result, the plugin would aid in lowering cart abandonment and optimizing conversion rates in your store.
Increased customer loyalty
Allowing customers to make partial payments for the products they want would pique their interest in your site. If they discover that the partial payment plans enable them to purchase products that they could not otherwise afford, they may return to your site more frequently. This will eventually lead to increased customer loyalty to your store.
Increased earnings from interest
If you can offer an installment plan with interest, it could be an additional revenue source for your customers. You can count that as valid income in your store by implementing various flexible WooCommerce payment plans.
5+ Best WooCommerce Installment Payments Plugins
WooCommerce Deposits – Partial Payments Plugin
Rating: 4.44/5 (189 reviews)
WooCommerce Deposits is an excellent plugin for accepting partial or installment payments from customers. You can charge your clients a fixed monthly fee and add percentages based on how long they pay for your product. Accept or Force Deposits from their specific purchases are among its features. So it’s entirely up to you whether you want to receive the instant deposit as soon as they buy it or add it to their next installment.
As a payment option for your customers, you can include an installment or deposit section on the checkout page. When they make their purchase, they will notice it. It also comes with automatic email reminders to remind them if their installment deadline is approaching.
For the admin, you can select a fixed or percentage value based on your installment type. With a single click, you can enable or disable the deposit section.
You can also disable all payment gateways except the installment option. Enabling this payment type may increase your revenues because you can use it to increase your profit. Another option is to include custom messages if they select a payment gateway, whether complete or partial.
Price: Start at $179.00
Customers will be able to pay for their purchases using a convenient payment plan specified by you with the help of this plugin. It will also allow you to collect an upfront deposit, which will aid in determining a payment plan for the remainder of the payment. It also generates a user-friendly checkout flow that assists customers in properly understanding payment plans.
This plugin can be used in a variety of scenarios where you want to accept partial payment for your products.
You can design your own payment schedule based on days, weeks, or months. It will assist you in creating flexible payment plans with a deposit or any other structure you prefer.
Furthermore, the visual layout makes it simple for your customers to understand your payment plans. The tax rates that apply are calculated based on the initial payment or deposit. The plugin also applies the same tax rates to subsequent payment plans. Because the plugin does not support automatic refunds, you must handle refunds manually. Please also keep in mind that the plugin does not support recurring payments or refundable security deposits. Customers’ credit card information will not be stored. You can expect recurring payments to be integrated into core WooCommerce soon.
You can use the Deposits plugin in conjunction with WooCommerce Bookings to collect a partial payment upfront in a variety of situations. This plugin costs $179 for a single site subscription. The 5-site subscription costs $229, and the 25-site subscription costs $279.
YITH Deposits and Down Payments
Rating: 4.4/5 (86 reviews)
Price: Start at €119,99/ year
When selling expensive items in your store, this plugin can help to improve conversions and reduce cart abandonment. You can set a fixed value as the deposit amount, or dynamically calculate one based on the product price. You can also specify an expiration date for your deposit with this plugin. If the remaining payments are not made on time, the deposit will become invalid. For variable products, you can set a different deposit amount and payment plan for each variation.
If you have collected a deposit as part payment for a booking, you can choose whether to accept online payment for the balance payment in some cases. You can accept online payments or request that customers use another payment method for the balance amount. By adding custom notes to various locations on the product page, you can display any important information that is relevant to customers. Similarly, you can change the text on buttons and labels.
When a new deposit is made or when a deposit is about to expire, the plugin sends an email notification to customers and store administrators.
SUMO WooCommerce Payment Plans
Rating: 4.47/5 (57 reviews)
Price: Start at $49
If you need a flexible installment plugin, this WooCommerce Installment Payment plugin can help you in a variety of ways. Other payment gateways are supported, such as deposits, down payments, partial payments, WooCommerce apple pay, and even order payment plans. In this manner, you attract various types of customers to your website.
Stripe automatic payments are another excellent and unique feature. Because this payment processing is used by many clients, this plugin improved its system by accepting payments from the platform.
Customers can book the products they want using deposit payments with this plugin. From the settings page, you can specify the minimum deposit amount. Another option is to let your clients propose their deposit amount, which you must approve or disapprove.
Remember that a deposit can be optional or mandatory. So, if you believe you will earn more money from a deposit, you can enable it at any time. If not, simply restore the payment gateway to its previous state.
You can charge interest on installment payments based on how long they intend to pay for their purchases. Furthermore, you can use this plugin to create a website plan.
WooCommerce Deposit Down Payments
Rating: 5/5 (4 reviews)
Another WooCommerce Installment Payment plugin that allows you to accept payments in installments from your customers. Depending on your client’s preferences, you may request full or partial payment. They have the option of completing their total amount later. They can also add multiple purchases to their cart and choose the deposit as their payment method.
On the admin page, you can set the fixed or deposit price. You can also select to make a deposit or partial payment on one or more of your products. You can also configure or disable the full payment option so that your customers can only choose the installment payment option.
The installation procedure is straightforward. Click Download the Zip file after purchasing this plugin. Then, navigate to your WordPress Plugin dashboard and press the Upload Plugin button. Select the zip file and then click “Install Now” and “Activate.” Know more about how to install a WordPress plugin.
Once activated, this plugin will display the settings page, where you can enable or disable your users’ downpayment or full payment options. In the Product section, you can add the products configured for the Installment payment gateway.
GoPay Payments Gateway for WooCommerce
Rating:5/5 (7 reviews)
You can accept various payment methods with this WooCommerce Installment Payment plugin. Many other credit cards are accepted, including MasterCard, Visa, VisaElectron, Maestro, Platba 24, UniCredit Bank, Fio Banka, and many others. You can use this plugin to create installment payments using credit or debit cards. Through this transaction, you are allowing more clients to pay in part for larger purchases.
Another important feature of this plugin is that all GoPay Payments Gateway elements will be available on your WooCommerce or WordPress websites. You’ll have more convenience and everything will be in its proper place this way. It also includes the GoPay testing or production environment.
Security is a critical consideration when using payment gateways. You must ensure that it is secure enough for a variety of transactions. To ensure its stability and security, it has HTTPS secure payments. Furthermore, this HTTPS provides your customers with peace of mind.
Your customers can find the descriptions and notes in the Single Order or Orders section after purchasing. So, technically, everything you need is here, including your clients’ installment payments.
Deposits for WooCommerce
Rating: 4.56/5 (16 reviews)
Price: start at $149 per year
The last option in this list is Deposits for WooCommerce. This plugin will enable you to take flat-rate or percentage payments for deposits on your WooCommerce store. Additionally, it enables you to take periodic partial payments in the amounts indicated. If your store sells a lot of expensive goods, this could be really useful.
Store owners can take payments in installments, such as 10% at the time of order, 40% after a week, and the last 50% after two weeks. For your products, you can also use payment plans. That can help you increase conversion rates and improve the shopping experience in your store.
This WooCommerce deposit plugin comes in 3 plans: Starter plan ($149), Business plan ($299), and Enterprise ($349). All payments are made yearly.
Before experimenting with different sales strategies, you must accurately identify your target audience. Once you’ve determined that your customers prefer partial payment options, you can use one of the WooCommerce deposit plugins listed above. Furthermore, it may be required if your store sells WooCommerce booking products. All the plugins mentioned in this article are simple and easy to use. If you have any further questions or recommendations, please share them with us by leaving a comment below.