In the present economic scenario, many people desire for the various goods and services that are advertised on common channels such as web shops, television, radio, and brick and mortar stores. However, due to many economic limitations, personal or otherwise, they would like to pay via installments.
The online scenario
This popular mode of payment has also entered the online scenario recently. In the case of eCommerce, if the consumer wants to purchase the product from your Magento eCommerce web shop, then then you can install a Magento eCommerce extension that allows for partial payment for the product initially, and the rest can be paid by installments.
How the partial payment concept works
If the extension allows it, as the store administrator, you can set which product will be available on the installment basis. You can easily set the down payment, and the pending amount can be collected periodically via installments. Through this method, you can easily increase your profits by increasing a portion of your sales by using the partial payment route, while you see profits soar.
Such extensions also helps you sell the partial payment way and makes it easier for the customer who wants to pay later, while it makes it simpler for the store owner, who can improve his sales and create tremendous amounts of opportunities for improving their business. Hence, the partial payment concept helps kill two birds with one stone, and helps achieve the objective of higher sales as well as better turnover.
Partial payment concept – Various Benefits
You can specify the down payment in the terms of fixed amounts or in the form of percentages. And can also set the total number of installments as well as payment schedules. This is beneficial for buyers as well, since they can choose the appropriate payment mode via credit card/debit card/monthly checks etc.
Accordingly, the full payment or part payment option can be obtained, according to the choice of the buyers.
You can even add a surcharge over the total number of installments and payment schedules, At the same time, you can set the minimum order quantity, discount on pre-order, out of stock, and other crucial details. Hence, you can also send a notification email when the product becomes available again.
To increase your business efficiency, you can also select the full payment or partial paid orders and keep track on your payments. Such extensions also allow payment by credit cards so their credit card information can also be captured and installments can be paid on time. You can also send confirmation emails, reminder mails, and payment emails to customers as well.
Conclusion
The partial payment concept can be incorporated in the form of an extension, usually called the Partial Payment Extension and marketed online by various extension developers online. Such Magento extensions are usually reasonably priced and don't cost you a fortune while improving your store's fortunes and financial prospects dramatically.
Also, you can refer this Magento 2 Layaway & Partial Payments Extension's FAQ Page for most common questions and it's answers.
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