Do you want to let customers make installment payments through your online store?
Allowing customers to pay in installments encourages them to buy more goods and services. It helps increase sales on your WooCommerce store and makes it simpler for them to purchase pricey items.
This article will demonstrate how to use various plugins to set up installment payments in WooCommerce.
Why Set Up Installment Payments in WooCommerce?
Customers can divide the total cost of a good or service into manageable portions by using installment payments. Users have the option to pay part of the price up front and the balance over time rather than paying the full amount at once.
You can choose the period of time you want to allow customers to make payments as a WooCommerce store owner. Typically, depending on the niche and product you’re in, you can offer anything from 6 to 24 months.
WooCommerce installment payment setup enables offering customers alternative payment options. It encourages your visitors to buy more expensive and valuable goods.
By providing an option for installment payments, you can also lower cart abandonment. If customers don’t have enough money to complete their purchases, they might leave your website without making a purchase. You can encourage customers to purchase the product and increase sales by offering the option to pay in installments.
In light of this, let’s examine the top WooCommerce installment payment plugins.
1. Affirm Payments
With the help of the WooCommerce extension Affirm Payments, you can customise the buy now, pay later options available in your online store. Customers can pay at their own pace with the aid of the payment service Affirm.
The plugin is simple to use for new users. After installation, WooCommerce will display the Affirm payment option. Following that, customers can choose a payment option that suits them.
Customers can divide the upfront cost into 4 interest-free installments using Affirm’s 4 interest-free payment options. Customers won’t experience any negative effects on their credit scores as a result, making it simpler to sell expensive items.
Additionally, Affirm Payments gives customers the option to select their own payment terms. The best part is that it uses the annual percentage rate (APR) to show the precise amount that must be paid each month.
Who Should Use It:
Anyone looking to add just a buy now pay later payment option in WooCommerce will find the Affirm Payments plugin to be a great option. The supplier offers 4 interest-free installments every two weeks in addition to assisting customers in setting up payment plans.
Pros:
- WooCommerce users can quickly add Affirm as a payment option.
- Offer ‘Pay in 4’ plans with 0% APR interest
- Permit customers to select their own installment schedule
- Present all payment schedules in a single view.
Cons:
- little room for customization within the WordPress dashboard
- High interest rates for some items (up to 30%)
- At times, Affirm might demand a credit check prior to approving a transaction.
Pricing:
An open-source WooCommerce add-on is Affrim Payments.
2. Klarna Payments for WooCommerce
A free WordPress plugin called Klarna Payments for WooCommerce gives your online store access to Klarna payment options. A Swedish fintech company called Klarna provides website owners with online payment options.
You can allow customers to pay in full at checkout, test a product first and then pay later, or divide the total amount into payments using the plugin.
It gives customers the freedom to decide when they want to make an installment payment. To help customers cut costs and pay for a product in smaller amounts, it is also possible to offer 4 interest-free payments.
It’s very simple to set up. You must first register for a Klarna account. Simply use the plugin to add Klarna as a payment option in WooCommerce after that is finished. After Klarna has approved your store, you can begin offering customers installment plans.
The simplicity of integration with WP Simple Pay is the best feature of using Klarna. In WordPress, you can use it to provide buy now, pay later payment options.
A template for a Klarna (Buy Now, Pay Later) Form is already included with WP Simple Pay. In this manner, you enable customers to select a product’s payback period.
You can refer to our instructions on how to integrate Klarna payments into WordPress for more information.
The drawbacks of Klarna include its limited availability and support for merchant accounts. In Sweden, Norway, Finland, Denmark, Germany, Austria, the Netherlands, Belgium, Switzerland, France, Italy, Poland, Spain, Portugal, Great Britain, Hungary, the Czech Republic, Slovakia, the USA, and Australia, for example, it is marketed.
Why Should You Use It:
Klarna Payments for WooCommerce is the ideal plugin if you’re looking for one that provides flexible installment plans for your online store. In order to create payment forms without having to edit code, it is simple to use and integrates with WP Simple Pay.
Pros:
- Installment plans can be added using a free plugin.
- user-friendly for beginners
- Provide 4 interest-free payment schedules.
- Allow customers to choose their own payment schedule (up to 24 months).
- Integrates easily with WP Simple Pay
Cons:
- only accessible in a select few nations
- few options for customization
Pricing:
The use of Klarna Payments for WooCommerce is totally free.
3. Jifiti Buy Now Pay Later
The next WooCommerce plugin for installment payments is Jifiti Buy Now Pay Later. In addition to providing a white-labeled buy now pay later platform for WooCommerce, it adds a Jifiti payment option to your online store.
A platform called Jifiti links borrowers, retailers, and customers. You are able to use your individual branding while providing payment plans with a white-label programme. You can pay in three or four installments, add zero-interest split payments, and more with this service.
Jifiti will establish connections for you with reputable banks and lenders like MasterCard, Credit Agricole, and Citizens Pay in the background. Customers can divide large payments into smaller ones and spread them out over time in this way.
This plugin differs from others in that it will automatically forward your customer’s financing application to the following lender in the network if financing is not approved by one of the lenders. You’ll consequently notice more financing and an increase in sales.
Who Should Use It:
Users who want to integrate a white-label installment payment plan into their WooCommerce store should use the Jifiti Buy Now Pay Later plugin. In order to add a buy now pay later option to your website and then alter its appearance, you can work with a lender or a bank.
Pros:
- For your store, develop branded installment payment plans.
- Provide interest-free payment schedules
- Consult with reputable banks and lenders about financing possibilities.
- automatically forward the customer’s loan request to the following lender
Cons:
- White label setup can take some time.
- Customers would have to await the approval of their financing.
Pricing:
A free plugin for WooCommerce is Jifiti Buy Now Pay Later.
4. WooCommerce Deposits
With the help of the premium plugin WooCommerce Deposits, you can implement payment plans for your online store. The plugin allows you to offer unique schedules based on days, weeks, or months and provides flexible payment options.
Multiple payment options are available for your WooCommerce store. You can also select different intervals and percentages for each payment. For example, you can choose the percentage that a customer should pay both up front and over time.
The plugin has an easy-to-use interface and is simple to use. From the WordPress dashboard, you can easily create and manage all of your installment payment schedules.
Who Should Use It:
According to our testing, WooCommerce Deposits is an easy-to-use plugin that is great for designing unique payment schedules. This plugin is for you if you want to set up different payment options for your WooCommerce store.
Pros:
- Simple custom payment schedule creation
- control the frequency and amount of payments
- very simple to set up and use
- To help customers, give each payment schedule a description.
Cons:
- fewer possibilities for changing appearance
- There is no gratis edition.
Pricing:
The monthly fee for the paid extension WooCommerce Deposits is $18.25.
5. Splitit
The following WooCommerce plugin on our list for installment payments is Splitit. It makes it simple to add installment payments to your online store.
According to our observations, the unique feature of this plugin is that it enables users to divide the total amount into smaller amounts using their current debit or credit card. Customers don’t need to wait for approval or apply for a loan to buy a product.
A customer can easily set up installments using their card as long as they have available credit on it equal to the cost of the purchase.
Numerous card network providers are supported by Splitit, including Visa, MasterCard, American Express, Discover Global Network, and others. The plugin is simple to use as well. Connect your merchant account, then set the appropriate options in your WordPress dashboard.
Apart from that, Splitit also supports high-value orders up to $50,000, allows installment plans up to 24 months, enables interest-free payment plans, and offers a white label buy now, pay later feature.
Who Should Use It:
Splitit is the ideal option if you want to let customers use their personal credit cards for installment payments. Additionally, you can create white-label buy now pay later plans and it integrates with well-known payment network partners.
Pros:
- enables customers to use installment plans with debit or credit cards
- provides options for customization inside the WordPress dashboard
- Customer applications and credit checks are not required.
- Create a repayment schedule with no interest or fees.
Cons:
- only accepts a few payment providers
- It doesn’t raise the user’s credit rating.
Pricing:
You can use the free WordPress plugin Splitit.
6. YITH WooCommerce Deposits / Down Payments
Users can make a deposit to reserve a spot or purchase a product on your WooCommerce store by using the premium plugin YITH WooCommerce Deposits / Down Payments.
The plugin gives your customers the option to reserve a good or service and split the cost into two payments. Customers may pay the second installment, which is the outstanding balance, at a later date. The first installment is due at the time of purchase.
For each item in your store, you can specify a deposit amount. You have the option of selecting a fixed sum or a percentage of the overall sum.
In accordance with the items a user adds to their cart, the plugin also enables you to set up rules and charge various deposit amounts.
Who Should Use It:
The plugin is ideal for online shops that demand an upfront payment or down payment to reserve or book a good or service. The remaining balance can then be paid upon delivery or scheduled for a later date.
Pros:
- Utilising a simple and clean plugin
- Simple deposit collection for goods and services
- Make rules to specify the deposit amount.
- You can easily manage the balances on your orders.
Cons:
- There is a limit of two installments.
- few integration possibilities
- No free model
Pricing:
The annual cost of YITH WooCommerce Deposits / Down Payments is $129.99.
7. Deposit & Partial Payments for WooCommerce
You can also collect down payments or deposits for your products using the free plugin Deposit & Partial Payments for WooCommerce.
The fact that it is compatible with all of WooCommerce’s supported payment methods is its best feature. Simply select the percentage or deposit that customers will be required to pay at the time of purchase.
Additionally, from the dashboard, you can view a history of all partial payments made to your WooCommerce store.
The premium version of the plugin unlocks additional features, even though the free version is excellent for collecting deposits. You can decide on the payment term, provide a zero deposit option, schedule customer payment reminders, and more.
Who Should Use It:
Anyone looking to set up down payments on their online store for nothing should check out the Deposit & Partial Payments for WooCommerce plugin. WooCommerce also allows you to set up installment payments and a payment plan. Additionally, it is a fantastic substitute for YITH WooCommerce Deposits / Down Payments.
Pros:
- Freely include a down payment or deposit option.
- Obtain bilingual assistance
- Simple integration with payment processors accepted by WooCommerce
- Create a fixed or percentage deposit schedule.
Cons:
- Limited features are available in the plugin’s free version.
Pricing:
Free WordPress plugin for WooCommerce is called Deposit & Partial Payments. A premium version is also available, with prices starting at $29 per year.
Which is the Best WooCommerce Installment Payments Plugin?
We think that Affirm Payments is the best WooCommerce installment payments plugin after reviewing a variety of plugins.
It features four interest-free installment plans and allows you to create personalised payment schedules for customers. Customers are even allowed to design their own repayment schedule and divide the total amount into multiple payments.
The best part is that Affirm Payments is free to use.
On the other hand, you can also take a look at Klarna Payments for WooCommerce if you’re looking for a free WooCommerce plugin that enables you to add a buy now pay later option.
FAQs about WooCommerce Installment Payments
The following list of frequently asked inquiries relates to setting up WooCommerce installment payments.
1. What is the WooCommerce plugin to pay in installments?
The best WooCommerce plugin for setting up pay over time is Affirm Payments. It provides a variety of payment options, lets you add a “buy now, pay later” feature, has pre-built templates, and more.
2. What are the payment options in WooCommerce?
WooCommerce provides a variety of payment methods. Customers can pay with credit cards, Stripe, PayPal, Klarna, Apply Pay, and other methods.
3. How do I add pay later to WooCommerce?
To add an installment plan and accept payments later in WooCommerce, use a plugin like WP Simple Pay. Split payments can also be set up with the help of other WooCommerce plugins, such as Affirm and Klarna Payments.
You should now be able to set up installment payments in WooCommerce, we hope this article was helpful. You might also be interested in reading our comparison of the top eCommerce plugins and guide to WooCommerce SEO.
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