Credit Line or Credits for WooCommerce

Description

Credit Line or Credits for WooCommerce allows you to offer a Line of Credit to your customers using which they can buy the products in your shop now and pay later.

How Credit Line or Credits for WooCommerce Can Help Your Shop

Increase Your Site’s Revenue

When your customers browse products on your site, there’s always a chance that they will postpone purchasing because of insufficient funds. With credits, they won’t have to abandon their carts. They can purchase on the spot. What’s more, you can choose to charge interest on transactions made with credits. This can increase your site’s revenue.

Increase Customer Loyalty

Offering credits is a show of good faith and can help boost future sales from repeat customers.

Attract New Customers

Satisfied customers are more likely to refer new customers to your site.

How Credit Line or Credits for WooCommerce Can Help Your Customers

Convenience

Your customers won’t have to postpone purchases due to insufficient funds. Plus, they won’t have to keep their payment credentials on hand at all times—they can use credits instead.

Interest-Free Credit

If you choose not to charge interest, your customers will only be responsible for repaying the regular price of a product.

Generous Repayment Period

You can offer customers up to 58 days from the date of purchase to repay the credits they used.

Ways to Offer Credit Line or Credits

Credit Line or Credits can be offered to your customers in multiple ways they are,

1. Virtual Funds with Application Based Approval

In this method, customers will have to submit an application to receive a Credit Line or Credits and the admin will not need any money to issue a Credit Line or Credits.

2. Virtual Funds with Auto-Approval

  • In this method, Credit Line or Credits will be issued to all eligible customers automatically based on predefined rules.
  • Admin will not need any money to issue a Credit Line or Credits.

3. Admin Funds with Application Based Approval

  • In this method, the site admin has to add money to the Admin Funds Wallet themselves/assign a customer to do it for them.
  • The customers will have to submit an application to receive a Credit Line or Credits.
  • When an application is approved, the Credit Line amount will be debited from the Admin Funds Wallet and be added to the customer’s Credit Line.

4. Admin Funds with Auto-Approval

  • In this method, the site admin has to add money to the Admin Funds Wallet themselves/assign a customer to do it for them.
  • Eligible customers will receive their Credit Line automatically based on the predefined rules.
  • When an application is approved, the Credit Line amount will be debited from the Admin Funds Wallet and be added to the customer’s Credit Line.

How Credit Line or Credits for WooCommerce Works?

  • For this example, we are using the Virtual Funds with Application Based Approval way of offering Credit Line.
  • The site admin configures the predefined eligibility rules.
  • The customer submits a Credit Line application.
  • The site admin reviews the application. By default, the system will suggest the Credit Line based on the customer’s eligibility. Admin can approve the suggestion or modify the Credit Line and then approve.

Credit Line or Credits for WooCommerce

  • Upon approval, the customer can manage their credits from a dedicated dashboard.

Credit Line or Credits for WooCommerce

  • The customer will also be assigned a fixed billing date and a repayment date.
  • The customer can make purchases with credits using the “Credits Payment Gateway,” which will be visible on the checkout page.

Credit Line or Credits for WooCommerce

  • Once they place an order, the credits they used will be recorded in the unbilled transaction.

Credit Line or Credits for WooCommerce

  • The customer can place any number of orders using the available credits.
  • The site will generate a bill on each billing date. It will include all the transactions made before the date.

Credit Line or Credits for WooCommerce

  • The customer must make the payment for the generated bill before the repayment date. In the meantime, the customer can continue to make purchases using available credits. These transactions will appear on the next bill.
  • Once the customer makes the required payment on the existing bill, that amount will get added again to the customer’s available credit limit.

Credit Line or Credits for WooCommerce

  • This process will repeat every month.

Extensive Features List

1. Create predefined rules with multiple rule sets to give different credit line based on different criteria
2. Automatically increase credit line to eligible customers
3. Approve credit line automatically
4. Application form can be created with multiple form fields support
5. Approve credit line automatically as soon as the application form is submitted by the customer
6. Approve credit line manually once the application form is submitted by the customer
7. Application form can be shown only for specific customers
8. Give credit line to customers from admin funds or from virtual funds
9. Monthly billing and repayment
10. Up to 58 days of repayment period
11. Possible to charge interest for credit usage
12. A fixed amount of percentage of credits used can be charged as interest
13. A Late payment fee can be charged if payment is not made within the due date
14. User level option to disable late payment fee for certain customers
15. Option to disable specific payment methods for repayment of credits
16. Separate page for credits dashboard
17. Option to display credits dashboard in My Account page
18. Custom logo can be displayed in bill statement
19. Order status can be predefined for the orders placed using the Credits payment method
20. For orders placed using the Credits payment method, when to debit funds(on reaching which order status) can be predefined
21. Bill can be generated in PDF or HTML file format
22. Customers can be allowed to place orders using Credits only if the cart total is more than the set value
23. Option for the Admin to modify a customer’s billing date or repayment date
24. Option to allow customers to use their Credits for placing orders in overdue status
25. Option for the customer to make advance payment
26. Option for the customer to pay a custom amount or make the full payment
27. Compatibility with WooCommerce Subscriptions: Option for the customer to automatically renew their subscriptions using the Credit Line

There are no reviews yet.

Write a review

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.