Ability for customers to pay in small affordable installments or open accounts and pay over period of time is key to success. Woocommerce introduces a plugin called Deposits.
This offers online store owners the following interesting features. :
- Custom payment schedules using days, weeks or months. Ideal as other customers earn by forthnight etc.
- Payment acceptance as deposits.
- layaway or laybuy plans in your local currency like ZAR (Rands) or US dollars (requires currency convertor plugin if Paypal is used for Rands. However Stripe accepts Rands and most currencies)
- Intuitive checkout flow for customers, explaining the payment plan in easy-to-understand visuals
- Set options for the customer to pay in full or with a % of deposit, thereafter installments
On previous feature we introduced online lay-buy payment option . Which was limited to Paypal as was powered by a plugin developed by lay-buys.com. Deposit plug allows website owners to sell products and services on layaway or laybye in any currency, ZAR, US$, Euro , Pounds for as long as the currency convector plugin (for Paypal payment) is installed and South African Rands on Stripe. So currently the plugin is only supported on Stripe and PayPal payment gateway.