If you’re selling products or services online, chances are good that you’re using WooCommerce to power your eCommerce website. WooCommerce is one of the most popular eCommerce platforms on the web, and it’s used by businesses of all sizes.
One of the great things about WooCommerce is that it offers a wide range of payment options for your customers. One of those options is the ability to set up a payment plan.
A payment plan allows your customers to spread the cost of their purchase over a period of time. This can be a useful option for customers who may not have the full amount to pay for their purchase upfront.
Setting up a payment plan in WooCommerce is easy to do. In this article, we’ll show you how to set up a payment plan in WooCommerce so you can start offering this payment option to your customers.
How to Set Up a Payment Plan in WooCommerce
First, you’ll need to install and activate the WooCommerce Payment Plans plugin. You can get this plugin from the WordPress plugin repository.
Once the plugin is activated, you’ll need to go to WooCommerce > Settings > Payments > Payment Plans to configure the settings.
On this page, you’ll need to select which product types you want to offer payment plans for. You can choose from simple products, variable products, and subscription products.
Next, you’ll need to decide how you want your payment plans to work. You can choose from two options:
- installment payments: This option allows your customers to make a series of payments over time until the product is paid off. This is similar to financing a purchase with a credit card.
- deposits with balance due: This option allows your customers to pay a deposit upfront, with the balance due at a later date. This can be useful for big-ticket items or services.
You’ll also need to decide how long you want your payment plans to last. You can choose from 1 month up to 12 months.
Finally, you’ll need to set the interest rate for your payment plans. This is optional, but it’s something you may want to consider if you’re offering installment payments.
Once you’ve configured all of the settings, click on the Save Changes button at the bottom of the page.
Your payment plan settings are now saved and activated. The next step is to add payment plan options to your products.
How Do I Add Payment Plans To My Products?
Adding payment plans to your products is easy to do. First, edit the product that you want to offer a payment plan for in the WordPress admin area. On the product edit page, scroll down to the Product Data section and select the “Enable Payment Plans” checkbox as shown in this screenshot:
Once you’ve done that, more options will appear below for configuring your payment plan. First, you’ll need to decide whether this is a one-time purchase or a subscription-based product:
If it’s a one-time purchase product, then you’ll need to enter the full price of the product and decide how much of that price should be due upfront as a deposit:
If it’s a subscription-based product, then you’ll need enter how much should be charged upfront and how often recurring payments should be made:
Once you’ve configured all of these options, scroll down and click on the Publish button or update button Save changes)to save your changes
However, before you set up a payment plan, there are a few things you need to consider. In this article, we will discuss what you need to know about creating payment plans in WooCommerce.
