Partial Payment for Magento 2
- Add partial payment option to the checkout
- Specify the amount of processing fee
- Enable automatic debt payments
- Display banner saying about partial payment on product pages
- Let clients control their payments in the customer account
→ Pay attention that we test the demand for this extension before building it. So if you are interested in its development, let us know by leaving your email in the form to the right of the page.
What makes partial payments beneficial for your Magento 2 store?
The opportunity to split the payment into several parts can increase the number of orders and facilitate the conversion of doubting users, especially if you are selling an expensive product. According to the BigCommerce study, 36% of customers are more likely to buy an expensive option of the product if they have financing options, while the other 31% of respondents won’t complete the purchase at all without financing.
Also, if your targeted audience is millennials, you need to think about popular payment models among them. The survey by Experian shows that every generation reduces the use of credit cards. According to this data, millennials own 2.52 credit cards on average, while Gen Z has only 1.44. These numbers are dramatically less compared to Gen Xers and Baby Boomers.
Moreover, this extension will be useful to those working in the B2B market. Instead of requesting a quote and asking for a discount, your clients will be able to choose a suitable layaway plan and pay later with magento.
Features of Magento 2 Partial Payment extension
Display partial payment method on checkout page
Proceeding to the checkout, customers will be able to choose the partial payment and select one from available layaway plans.
Allow partial payment to particular customer groups
If you want to hide a split payment option form a specific Magento 2 customer group, you can set it in the backend settings. If you want to give the opportunity for regulars only, set corresponding conditions and this payment method will be available or targeted segment only. Also, you can restrict split payments for specific products or shipping methods.
Set minimum cart total for partial payment
Say, you want to increase the average cheque and motivate your customers to buy more expensive items. You can set the minimum order amount that is necessary to split or delay payment. Thus, customers will consider more expensive purchases or add more items to their cart.
Add partial payment from backend
Let’s suppose that part of your clients is used to making orders by phone. We plan to add an option that lets your sales managers split payment and set a layaway plan right from the backend when creating a new order.
Create installments and layaway plans
In the first release of the Magento split payments extension, we want to include 2 plans:
- Fixed Installment Plan. You define into how many parts the payment can be split. For example, you can set 3 installments, and customers will pay for the order in 3 equal parts.
- Flexible Layaway Plan. You can create custom layaway plans with flexible installment conditions, and a customer will choose between them on the checkout page.
Also, you can set a specific processing fee for partial payments. It can be fixed or percentage for all the installments or the first only.
Set the down payment type
When creating a payment plan, you will be able to pick between fixed and percentage. For example, you can set at least 30% from the order when customers complete the checkout and they can pay the rest of the amount according to the plan chosen.
Enable the Equated Monthly Installment (EMI) payments calculator
Our Magento 2 Partial Payment module will include an EMI calculator for the product pages. After enabling this feature, users will be able to see how much they need to pay monthly with different layaway plans. The calculator will use the following formula:
where P = loan amount
r = interest rate
n = the number of months
For instance, a customer wants to get a smartphone for $1 000 splitting the payment into 12 months, and you set the interest rate as 10%, then the EMI will be the following:
|Principal amount||$1 000|
|Tenure (number of months)||12|
As a result, users will see that they need to pay $87.92 each month for this phone during the year.
Set auto-capture payments
Say, a customer has chosen a payment plan when they need to pay $100 each month for the next 6 months. It’s hard to keep this in mind, log in to their account each month and pay for it manually. Therefore, we decided to automate this process. By default, the needed amount will be debited from the card automatically. Thus, the payment process will be easier for both your clients and managers. But customers still will be able to turn off this feature in their account to make payments manually.
Highlight flexible payment options with banners and labels
Of course, you need to pull your audience in and inform customers about available options for partial payment. So we plan to include banners and labels that you can put on product and category pages. We will design premade options, but also we will keep the opportunity to customize them.
Let customers manage layaway purchase in their accounts
The extension will create an additional tab in customer accounts with all the pending installments. Customers will be able to check how much they have already paid, how many installments still need to be complete, when was the last payment when they need to do the next one.
Please leave your email in the form to the right of the page if you want us to develop this module.
- 100% Open Source — Easy To Customize
- Follows Magento Code Architecture
- Separated HTML/CSS/JS
- Simple installation via Composer