It happens that customers might not like the goods they’ve purchased. Whether it was the wrong size they’ve picked or the color didn’t match their expectations, shoppers can ask for a refund. One way of lessening the impact of product returns on the profits is to keep money within the store.
How? Try the Store Credits and Refund extension, which offers a feature of Magento 2 Commerce — Store Credits. It is a virtual currency that allows merchants to handle returns without actually paying back real money. Customers will receive store credits that can be used towards their next purchase. It’s a win-win situation: you keep both customers and your profit margins happy.
Install key functionality for managing store credits
Magento 2 Refund extension has all the essential features you might need when managing store credits in the store. Ready to use upon install: set up email notifications with pre-made templates, and set suitable tax requirements that you need — now you are ready to go! Start by granting users some store credits to motivate sales as soon as you get the module to make it worth every penny invested.
B2B Magento 2 functionality now available for ‘Open Source’-based shops
important to their purchasing decision. The numbers are even more telling after a return is made, as an even higher percentage of customers are likely to shop with an online merchant again if the return process is convenient. With functionality that is similar to the Magento B2B Store Credits, you can refund orders to the virtual store currency instantly, avoiding all paperwork associated with returning actual cash, thus driving users to new purchases.
Boost sales offering store credits as bonus points
Apply Store Credits on Checkout Page
Let customers decide how many store credits they want to spend. On the checkout page, users can enter a precise number of credits to apply for each purchase. This way, shoppers will have the flexibility to spread credit applications into several purchases, thus growing the average order value and the total number of sales in your store.
Display clear explanation on discounts
Make sure that communication with customers is clear at all times. It is especially important when a visitor is almost ready to pay, as they need to know how much money they will be charged.
The Magento 2 Store Credits extension adds an extra row to the ‘Order Summary’ section to show the information of the discount that was given when the user applied store credits.
Let users see full store credits history
Our extension provides clients with detailed information on how and when they spent store credits. Shoppers can easily track their remaining store credits so that they know how much they can overpay for buying new goods in your store. Moreover, customers can also see the administrators’ comment that you’ve typed when adding store credits’ to their balance. You can display kind and personalized messages like ‘Happy Birthday to you from the StoreName team!’ to build customers’ loyalty.
Turn refunds into future sales
Refund to store credits in one click
Magento 2 Refund extension is the solution to increase revenue, improve customer loyalty and get a new sales opportunity. The extension introduces an in-store currency system to prevent the outflow of money and stimulate future purchases. When giving a refund to a user, you can use multiple options depending on the business strategy:
refund the exact amount the customer spent on the order;
refund the order amount, and add some extra credits to establish a positive relationship with the shopper, in case any negative situation occurred with the order;
refund only part of the order to store credit, e.g. you made a special agreement that the customer wants to return only one item and re-order it as the size was off.
To process any type of store credit refund, simply enter the needed amount of credits and click the ‘Refund’ button.
🌀 Use store credit to pay from the backend
With both community or enterprise Magento 2, Store Credit extension can help you to avoid online refunds and use a customer’s store credit to pay for their orders directly in the backend. Pay in full if the balance covers the order price. If the price is higher than the store credits available, deduce the credit and inform the customer about the amount they still have to pay.
🌀 Drive purchases by offering credits as a discount
A customer may contact your support to ask for some clarification on the product information. In case a customer is satisfied with the present offer, a manager can immediately place an order. In doing so, the manager can charge in-store credit off from the balance if the customer doesn’t mind. In case the customer thinks the price is too high, the manager can still retain them by offering some extra credits to reduce the price without complicating the accounting.
Manage customers’ store credits with ease
For admins, having a tool to conveniently manage customers’ store credits is a must-have requirement. Use Magento 2 Store Credit & Refund extension to add/deduce Store Credit in one click. Access Balance History of any customer to make swift changes. Track changes your admins made in the Action column. Prevent wrongful store credits operations by leaving comments that relay the context of why store credits were deducted or added, keeping both shop staff and the customer informed.
Send email notifications on store credits updates
The extension automatically sends email notifications on main events, which helps admins to save time. Customers are notified of each key operation with their store credits, e.g. an order was placed with store credits, an admin user refunded an order with credits, or added/deducted credits, etc. Users can unsubscribe from the notifications if they wish.
Use store credits as pre-payment currency
For B2B businesses, it's important to offer customers some way of adding a pre-paid balance to their accounts. Companies can wire an agreed amount of money in advance. Admin will add the same amount as a store credit. And later on, customers can spend their pre-payments on real purchases without having to worry about going over budget limits. The credit is kept in Base Currency. Currency conversion for each store view uses the same currency conversion rates as other price-related calculations.
👉 How does Magento 2 store credit help to boost sales?
Increase customer loyalty. Charge store credit for each purchase and allow clients to use them as a discount.
Boost repeated purchases. Motivate customers to return to the store and make new purchases with the help of the store credit tool.
Retain unsatisfied customers. Refund money to customers as store credits and let them choose something else in the store.
👉 How to manage offline refund requests in Magento 2?
Go to Sales → Orders, find the needed order on the grid, and click View.
Then, click Credit Memo at the top of the page.
In the Items to Refund section, set how many items should be refunded and click Update Qty.
Go to the Refund Totals section, and specify Refund Shipping, Adjustment Refund, and Adjustment Fee.
Click Refund Offline.
👉 How to make a refund with store credits?
After you get a Magento 2 refund request, you need to create a new credit memo.
For this, go to Sales > Orders and find the needed order on the grid. Open it and click the Credit Memo button:
After this, you can specify Qty to Refund and return items to stock.
In the refund totals section, select the Refund to Store Credit checkbox and enter the amount you want to return offline.
When ready, click the Refund Offline button.
👉 How to set up the store credit for Magento 2?
Store credit functionality is available for Magento 2 Commerce users out-of-box.
To enable it, go to Stores > Settings > Configuration.
In the left panel, open the Customers tab and click Customer Configuration.
Go to the Store Credit Options section and Enable Store Credit Functionality.
If you use Magento 2 Open Source edition, our Store Credit & Refund extension will help you provide customers with this feature.
Significantly boost repeat sales with a flexible rewarding program
Employ Magento 2 Loyalty Program extension to create a unique scheme to reward regular customers with exclusive discounts. Use flexible shopping cart rules to generate targeted offers and boost sales.
Equip your shop with powerful automation solutions
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Compatibility now the extension is compatible with Magento 2.4.5-p2, 2.4.6
Fix fixed an issue with Store Credits applying when the 'Encourage Using Store Credit' setting is enabled
Fix now it is possible to accrue more Store Credits than the amount of the order when making a refund
Fix we solved the problem with a Credit Memo creating in an order that has a partial refund
Fix we solved the problem with removing several products at once when editing an order
Fix PayPal payments are now successful when paying for an order once Store Credits are applied
1.2.3 - Sep 06, 2022
Fix the issue with the Store Credits applying when the Braintree Payments is being used was resolved
1.2.2 - Jul 06, 2022
Improvement we added the possibility for using a comma to separate decimals in the Store Credit amount
1.2.1 - Apr 21, 2022
Compatibility now the extension is compatible with Magento 2.4.4
1.2.0 - Nov 12, 2021
New now the extension comes with the Buy Store Credit feature so you can allow (a) your customers to purchase Store Credit as a product from your website and (b) your store managers to place such orders for customers from the admin panel
New We added the Admin Name column in the Transaction Grid to let a store owner always be aware of who makes changes in customer balances without digging deep in the Magento logs
Improvement we upgraded the manual balance change workflow on the Customer -> Store Credit & Refund page so that admin users can see balance changes immediately after page reload without the necessity of switching tabs
Fix The Credit Memo button does not appear anymore on the View Order page in cases when the whole order had been paid with an offline payment method was already fully refunded to store credit.
Fix We eliminated incorrect balance changes in the credit memo creation workflow in cases when a user applies for an Adjustment Refund.
Last Update: Aug 11, 2021
1.1.1 - Aug 11, 2021
Fix we solved the problem with the store credit decimals for the orders in the admin panel.
Fix we eliminated the ability to accept negative store credit amount.
1.1.0 - Jul 30, 2021
New we implemented a new feature that allows specifying the products and categories store credit can be applied to.
New we added an option that will let you choose between whether you’d like to encourage customers to use store credit or not.
New now the administrator can decide whether their comment will be visible for customers after the manual balance update.
New we refactored the logic of storing the applied store credit. Now the store credit will be proportionally split between products in the order so that the right amount of it is automatically suggested during partial refunds.
Fix we solved the problem with updating applied store credit after the reward points were used.
Last Update: Jan 14, 2021
1.0.6 - Jan 14, 2021
Improvement information about used store credit was added in order API
Fix we solved the problem with refund store credits for multiple currencies
Fix we solved a few problems with credit memo creating
Fix we solved the problem with using store credit with PayPal payment method
Fix we solved the problem with changing store credits from admin area
1.0.5 - Mar 06, 2020
Fix we solved the problem with store credit deduction if order wasn't placed
1.0.4 - Feb 13, 2020
Improvement now API include new method GetStoreCreditsByCustomerId
Improvement now translations include Store Credit Balance phrase
Improvement we added validation for \"Add or substract a credit value\" field on admin side
Fix we solved the problem with incorrect prices after their updating on client side
Fix we solved the problem with partial payment of order by store credits
Fix we solved the problem with extension installing on Magento 2.2.2
Fix we solved the problem with applying store credits for virtual products
Fix we solved the issue with refunding store credits to customers after credit memo creating
1.0.3 - Dec 26, 2019
Fix issue with the refunded amount not being displayed in the Order Totals section was fixed.
1.0.2 - Oct 29, 2019
Fix we solved the problem with adding double store credit points on Google Chrome v. 75+
1.0.1 - Sep 02, 2019
Compatibility with 3-rd party extensions was enhanced